Thursday, 27 December 2012 13:33
Australian oil and gas company Titan Energy has reported it is preparing to spud its first oil exploration well at the Allen Dome Salt Dome field in Texas.
Rotary Exploration will drill the well under the supervision of Total Energy Services engineers, with the well targeted for spudding on 29 December.
The well is to be drilled to a depth of 5200 feet (1589m) and will target five potential zones, each of which has been assessed to have the potential of producing 50 barrels of oil per day (bopd) or more.
Titan Energy, using the same rig, then plans to drill a second exploration well on the northern flank as a development well to the Reese 10 well.
“We are really looking forward to spudding our first exploration well at Allen Dome, with the potential to significantly increase our already growing oil production and cash flow,” Titan Energy managing partner John McKnight said.
“On top of that we have three other exploration wells planned for early in the New Year on the Southern flank of Allen Dome that are targeting sands that we now have a good understanding of, so we are looking to kick off 2013 with some real company-changing opportunities.”
Titan Energy, which currently holds 87.5 and 84 per cent interests in 344 acres (1.4sq km) on the southern and 276 acres (1.1sq km) in the northern flanks respectively on the Allen Dome, is currently in negotiations to acquire another large area of interest related to the salt dome.
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