Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Talon Petroleum Limited(ASX:TPD)Roundhouse Prospect - First Well Early June  Join our daily free Newsletter

MENAFN - ABN Newswire - 28/05/2013
No. of Ratings : 0
Add to Mixx!



(MENAFN - ABN Newswire)

Talon Petroleum Limited (ASX:TPD) advises that the first well on the Roundhouse Project is expected to begin by early June. The well will be horizontal with a 5,500 foot lateral targeting the Cotton Valley Limestone. It is expected that the well will take about 25 days to drill after which it is planned to be fracced and tested.

Talon will have a 25% WI in the well and will acquire 600 acres of new leases at a combined cost of US1.65 Million to the Company. USA based O'Brien Energy Company will be operator with a WI of 75%.

The well is located between several vertical wells which have produced up to 80,000 barrels per well from the reservoir target of the Talon / O'Brien horizontal well.

In September last year (see Texon announcement of 27/9/12), Talon announced a deal from Tanos whereby Talon earned a 50% WI in the Roundhouse leases covering 7,038 acres or 3,519 acres to Talon's working interest.

Talon's share of the cost of the farm-in well in the Tanos deal at 50% WI would have been about US4 Million including the farm-in premium.

Since that time, an improved arrangement has been negotiated with Tanos and O'Brien.

Talon is no longer exposed to the 50% WI (US4 Million) cost well but will now participate in a Proof of Concept well at 25% WI for US1.5 Million.

Talon has also acquired 3,511 additional acres in close proximity to this well at a cost of US742,000.

As a result, Talon has increased its holdings from 3,519 WI acres to 7,380 WI acres at less overall cost than the original deal. Talon will have a 100% WI in 5,295 acres of the 7,380 acres.

The potential of Roundhouse will be tested by the upcoming June horizontal well.

If the well is successful it will be able to be brought on stream within 3 months and it will indicate the resource potential of Talon's Roundhouse holding. At 160 acre spacing per well, Talon's 7,380 WI acres could represent a resource potential of 10-15 million barrels to Talon's WI.

 


ABN Newswire




  MENA News Headlines
 Sep 17 2014 - Kyrgyz Energy and Industry Minister Meets Qatari AmbassadorQatar News Agency
(MENAFN - QNA) Minister of Energy and Industry of the Republic of Kyrgyzstan Osmonbek Artykbaev met Wednesday with HE Qatar's Ambassador in Bishkek Mohammed bin Arar Al Nuaimi. During the meeting, ...

 Sep 17 2014 - Japan to Donate over $10 Million to Iraqi, Syrian RefugeesQatar News Agency
(MENAFN - QNA) Japan plans to donate more than $10 million through international organizations to Iraqi and Syrian refugees displaced by the Islamic State militant group (ISIS), sources close to ...

 Sep 17 2014 - Qatar Seeks to Diversify National Economy by Attracting Foreign InvestmentsQatar News Agency
(MENAFN - QNA) HE Qatar's Ambassador to the United States Mohammed Jaham Al Kuwari has stressed that the State of Qatar is seeking to diversify its national economy by attracting foreign investments ...

 Sep 17 2014 - Summary of Local News Released Tuesday - 1-Qatar News Agency
(MENAFN - QNA) - Trade Minister of the Republic of Ecuador Francisco Rivadeneira has met with HE Qatar's Ambassador to Ecuador Hassan Ibrahim Abdurrahman Al-Maliki . - A delegation from the ...

 Sep 17 2014 - Summary of Local News Released Tuesday - 2-Qatar News Agency
(MENAFN - QNA) - Over 70 delegates are receiving insights on organizing major sports events at a two-day course that opened Tuesday at the Qatar National Convention Centre in Doha. - The State of ...

 Sep 17 2014 - Summary of Local News Released TuesdayQatar News Agency
(MENAFN - QNA) A summary of local news released Tuesday by Qatar News Agency. - HH the Emir Sheikh Tamim bin Hamad Al-Thani sent Tuesday a cable of congratulations to the President of the United ...

 Sep 17 2014 - Qatar Airways receives its first Airbus A380MENAFN
(MENAFN) Qatar Airways has taken delivery of its first A380 superjumbo following a three-month standoff with plane maker Airbus over the quality of cabin fittings, Gulf Business reported.However the ...

 Sep 17 2014 - Egypt plans to woo foreign investorsMENAFN
(MENAFN) Egypt is introducing economic reforms to help the country in its plan to re-attract foreign investments and boost domestic growth rates in order to restore its ailing economy, which is ...

 Sep 17 2014 - MENA's investments in rail projects hit USD167bMENAFN
(MENAFN) Investment in rail projects is accelerating throughout the Middle East and North Africa region (MENA), with at least USD167 billion-worth of active or future rail or metro projects being ...

 Sep 17 2014 - India to remain UAE top export destinationMENAFN
(MENAFN) The UAE is likely to remain top export destination for India till 2030, and China is forecast to emerge as the second largest export market, displacing the US, Khaleej Times reported.India, ...

more...


 






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help