This latest find is in addition to last week’s announcement by partner Icon Energy that reported the first oil target zone was a commercial discovery, after 74 feet (22.5m) of net pay was recovered in three zones.
Most recently, Horizon said a drilling break at a depth of 8266 feet (2519m) was followed by a large increase in gas, from 70 to a maximum of 910 units, with dull yellow fluorescence and slow streaming cut observed in the cuttings.
The new discovery zone appeared to have significantly higher pressure than the overlying formations, the company said.
This has forced the operator to raise the mud weight to 14 pounds per gallon to control gas flowing into the well bore.
While drilling at 8630 feet (2548m), the drill string became stuck and was subsequently backed off at 8334 feet (2540m), Horizon said.
Yesterday afternoon, the rig was cleaning out the open hole in preparation for electric logging across this latest hydrocarbon-bearing interval.
Australian Mineral Interests-1 is the first of a three-well exploitation program targeting zones up-dip of existing oil production around the Bayou Choctaw salt dome.
It has reserves potential of 1.8 million barrels of oil in several zones that are productive down-dip of the well’s location. It was deviated to penetrate each objective zone in an optimal position to a planned true vertical depth of 2775m.
The well is located in the Victory Financial Lease. Horizon Oil has a 14% interest in the Australian Mineral Interests-1 well and will have a 19.8% interest in the following two wells. Icon has a 19% stake in the lease and is fully-carried through the drilling by remaining equity holder CLK Energy.