According to FAR, operator AYCO is sourcing a rig to begin drilling the two shallow wells on two NE Waller prospects with the potential of more than 50 billion cubic feet of gas equivalent.

The first well will have a measured depth of 4500 feet and will test the edge of the F2 zone to evaluate additional potential reservoirs.

The F2 zone is immediately above the primary F1 target, which displays a seismic amplitude anomaly believed to be a gas indicator, Far said.

According to Far, the F2 zone also displays amplitude anomaly.

The second well will be drilled in the Eocene Cockield and Yegua interval on a counter regionally dipping fault with a significant upthrown structural closure.

Far said both intervals are important oil and gas producers in the immediate area.

The two wells have estimated dry hole costs of around $US300,000 and $US500,000 respectively.

Drilling the two wells is expected to start as soon as a rig has been contracted.

FAR has a 34% working interest in the NE Waller program.

Meanwhile, over in South Louisiana, FAR says early planning for drilling a further well at Lake Long has begun.

According to Far, preliminary plans call for the SL 328-28 ST well to be sidetracked out of the original SL 328-28 well bore and directionally drilled to test four sands that have produced in down dip wells in the field.

The original SL 328-28 well is currently shut-in having depleted recoverable reserves.

Far also said the well would be directionally drilled to a total depth of 8500 feet into an upthrown block to test the deeper 14 sand.

The 14 sand is interpreted to be productive by logs and sidewall cores in the nearby SL 328-6 well.

The productivity of the 14 sand is also supported by an energy absorption anomaly and increased amplitude on the crest of the structure, Far added.

The well is scheduled for September and is expected to cost about $US1.8 million.