Orchard today said the SB 146-7 well reached target depth of 1512 feet (460.9m) last week and casing has been set. The well is being prepared as a water disposal well.
It said the Nabors’ rig will now be moved to the site of the second well, SB 6-12, which spudded on Friday at a depth of 523ft and is drilling ahead.
The SB 6-12 well will target hydrocarbons in the Diatomite and Etchegoin sand formations. Its target depth is about 5000ft.
Participants in the project are operator Orchard and Maxim TEP, both with a 50% interest in the new wells.
Earlier this month, Orchard announced that it was recommending its shareholders accept Crosby Capital Partners’ revised takeover offer of 81c per share.
Eskdale Petroleum, a wholly owned subsidiary of Crosby Capital, has agreed to make the conditional cash offer, valuing Orchard around $175 million on a fully diluted basis.
