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The re-entry program is scheduled to commence during the second quarter with the company adding that the program could also extend to additional targets within its five other petroleum prospecting licences (PPL) in PNG.
The Toronto Stock Exchange venture-listed company said the signing of the deal with Simmons will give it exclusive access to the Challenger model 15-65 rig with 150,000 pound lifting capacity.
“Re-completion of the well will involve re-entering the seven inch casing, drilling out the cement plugs and running an ultrasonic imaging logging tool to evaluate the integrity of the casing and the condition of the cement bonding,” the company said.
“Perforating guns will then be run to evaluate oil and gas potential in up to four intervals: a limestone unit in the Eocene, and three potential reservoirs in the lower, middle and upper Darai limestone.”
Cheetah said it would be testing each zone by swabbing the casing.
Cheetah holds an 8.3 million acre land package in the PNG and is one of the largest petroleum leaseholders in the country.
In June 2004, Cheetah acquired 99% of Scotia Petroleum and subsequently two PPL’s in PNG.
