Spud of Isle-1 Well, New Taiton
Posted: 4 December 2006
Antares Energy reported the spudding of the Ilse-1 well at 12:00 hours on 1 December 2006 (local time).
The well is anticipated to take 60 days (on a trouble free basis) to drill to the anticipated total depth of 17,300 feet (5,270 metres). Antares has a 25 per cent working interest in the well.
The Ilse-1 well is the first well to be drilled on the New Taiton prospect which is located in Wharton County, Texas, approximately 100km southwest of Houston.
The prospect is a well-defined structural play targeting Wilcox Meek, B and C sands at a depth of 14,000 to 17,000 feet (4,270 metres to 5,180 metres).
It is situated some 10km from, and on trend with, other existing fields which typically produce 5-7 BCF of gas per well from the same reservoirs being targeted at New Taiton.
The New Taiton prospect has mean potential reserves of 40 BCF of gas and an upside potential of 85 -100 BCF depending on how many of the stacked sands contain gas.
The prospect is a robust trap clearly defined by 3D seismic and exhibits strong seismic attributes that correspond with the mapped structural closure. A field of this magnitude is likely to require multiple wells.
The joint venture partners are as follows:
- S. Lavon Evans, Jr., Operating Company, Inc. (operator) 30%
- Antares Energy 25%
- Adelphi Energy Limited 25%
- Index Oil & Gas (USA) LLC 10%
- Private USA interests 10%
Antares' dry-hole cost exposure is expected to be approximately USD 1.2 million, with an additional USD 0.4 million if the well is completed for production.
“We are very excited that the Ilse-1 well has finally spud,” said Mr. H. McLaughlin, Managing Director of Antares.
“This is a relatively low risk prospect with multiple potential gas horizons. We anticipate this well to take about 60 days to reach TD on a trouble free basis. ”
Posted by Richard Price, Editor, EnergyME.com
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