Tenders have been called for a suitable land rig to drill the South Grosse Tete Prospect in Iberville Parish, South Louisiana.
The well will be targeting a section supported by a combination of sub-surface well control and 3D seismic acquired in 1996.with an estimated potential of 3 to 5 million barrels of oil. The well was expected to cost up to $1.9 million and provided it was successful, payout was expected to occur within 10 months.
But this well is also the first phase of a three-year program designed to evaluate additional deeper seismically defined objectives. These three deeper targets could contain between 460 BCF and 615 BCF of gas and 14 to 18 million barrels of oil, according to FAR.
“While the exploration risk increases with depth, this is more than offset by the target sizes of the deeper objectives,” the company said in a statement.
“A prospect of this magnitude has the potential to make a significant impact on FAR’s reserve and production base, particularly given prevailing energy prices.”
FAR has a working interest of 17%, which will reduce to 12.75% after global payout of all operations to be conducted on the South Grosse Tete project. Other participants include ASX-listed Amadeus Energy Ltd and associates of Calex Inc and Gruy LLC. The operator is Spartan Operating Company.
Meanwhile in another project, a rig is due to arrive at Bay Courant, south Louisiana to begin drilling the SL 17316-1 well.
The operator is Inflow Petroleum Resources (IPR) and the well is expected to reach planned total depth of 12,900 feet 25 to 30 days after spudding.
FAR describes the Bay Courant project as “a low-risk, normally pressured test of multiple Miocene oil and gas targets with good upside potential located in intracoastal waters.”
The field was discovered in 1973 and has produced 5.1 billion cubic feet of gas and 0.4 million barrels of oil and condensate from three wells but has been inactive since 1980.
IPR estimates the prospect as having proved reserves of 5.8 billion cubic feet of gas, 0.52 million barrels of oil and additional probable reserves of 1.7BCF and 0.41 million barrels.
The initial development well, a normally pressured 12,900 foot test, will be drilled from a barge rig. A pipeline is located less than one mile from the drill site.
