Australian oil and gas company Titan Energy Ltd (ASX: TTE), announce that the rig is expected on location Friday US time to spud the Poole #C-1 "cap rock" well at its Allen Dome oil field in Texas. The Poole #C-1 is expected to reach a Total Depth (TD) of 850', within 72 hours from the spud date , when the well will be logged.
The Poole #C-1 well, located on the southern portion of the Allen Dome salt dome where Titan holds an approximately 85% WI, will be drilled at a turnkey cost of US$95,000.
If successful the well has the potential to add a further 20+ barrels of oil per day (bopd) to Titan Energy's Allen Dome production.
Titan Energy has negotiated for the Company to be paid for its crude output at US$5.90 below the Brent crude price (Brent is currently at US$105.76).
The Company is also continuing planning for a follow-up cap-rock well, Poole #C-2, which has similar parameters to the current well.
A successful well on the Allen Dome cap-rock would confirm the potential for additional "cap-rock" wells on the salt dome.
This article is for information and discussion purposes only and does not form a recommendation to invest or otherwise. The value of an investment may fall. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser. More
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