The company and its joint venture partner South Flank Energy have signed a rig contract with Kenai Drilling to re-drill the SF-1 well.
Solimar said the current plan for the SF-1 re-drill calls for kicking off the original well bore at 3400 feet and drilling to a target depth of 10,610ft.
The Ventura South Flank is estimated to contain 10-20 million barrels of recoverable oil and several billion cubic feet of gas.
It is being drilled as a follow up to the 1935 Walter Sexton well that encountered more than 800ft of oil and gas shows in a high-pressure gas environment, but was never completed due to the technical complexities of drilling such a well in the 1930s.
The prospect is one mile from the billion barrel oil Ventura Avenue oil field.
