Target Energy
Wireline logging on Target Energy's Pine Pasture-2 well in its East Chalkley oil appraisal and development project in Louisiana has indicated the presence of oil pay.
Target said the well was drilled to total depth of 2974.9m and initial log analysis identified about 9.5m of net oil pay in the Alliance W2 sand at 2923m.
According to the company, additional potential pay has also been recognised in the Alliance W1 sands at 2890.1m.
Pine Pasture-2 will now be completed as an oil producer from the W2 sand, with completion and flow testing expected to begin in about two weeks.
Subject to the results of the flow testing and a geologic and engineering review, Target will design an appraisal program to outline the extent of the oil accumulation, which is estimated on current mapping to have a "most likely" recoverable volume of about 2.4 million barrels, the company said.
""With oil over $US140 per barrel, success at East Chalkley will be very positive for Target's cash flow and earnings per share," managing director Laurance Roe said.
Target has a 25% working interest in Pine Pasture-2.
Emerald Oil and Gas
Over in Kentucky, Emerald Oil and Gas says four of the six wells purchased in Magoffin County, Kentucky, have been hooked up to production.
The company said the average production flow rate per well is estimated at 80,000 cubic feet per day without fracture stimulation.
Emerald plans to monitor production rates and then proceed with a fracture program in the coming months.
According to the company, fracture stimulation should result in significantly enhanced production rates from the wells.
Emerald has an 80% working interest in the six wells.
Samson Oil and Gas
Meanwhile in eastern New Mexico, Samson says stimulation and pump testing over the deepest part of the Lower Leonard zone on the State GC-2 well has produced about 20 barrels of oil and 50,000 cubic feet of gas per day.
The company said operations are underway to perforate and acidize the upper Lower Leonard hydrocarbon-bearing reservoir over the interval 11,163-11,304 feet.
Once acid stimulation is completed, both zones will be pump tested.
Following the test, Samson expects to test the Bone Springs Formation pay zone, which encountered 189 feet of potential pay on log analysis.
Samson has a 37% working interest in State GC-2.
