Quotes: 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 wl 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
 Jun 30 2016 - Tennis: Roger Federer ends Willis' Wimbledon fairytaleMuscat Daily
(MENAFN - Muscat Daily) Marcus Willis'' Wimbledon fairytale came to an end against Roger Federer, but the British qualifier''s 6-0, 6-3, 6-4 defeat couldn''t ruin a day to remember for the new star ...

 Jun 30 2016 -  Tough love: psychology of Argentina's Messi relationshipMuscat Daily
(MENAFN - Muscat Daily) Like neurotic parents, Argentines swung from criticism to unconditional love for their star footballer Lionel Messi this week, providing the soccer-mad nation''s many ...

 Jun 30 2016 -  Cricket: Anil Kumble takes charge with eye on bowlersMuscat Daily
(MENAFN - Muscat Daily) Anil Kumble thinks a year - and 17 Test matches - is enough for India to make its mark on all three formats of cricket. Kumble''s one-year contract as coach of the national ...

 Jun 30 2016 - Golden age Hollywood starlet Olivia de Havilland turns 100Muscat Daily
(MENAFN - Muscat Daily) Paris- Screen legend Olivia de Havilland, who turns 100 on Friday, is the last surviving star from "Gone with the Wind" and one of the last great stars of ...

 Jun 30 2016 - Obama to campaign with Clinton, Trump shrinks gapMuscat Daily
(MENAFN - Muscat Daily) Washington- President Barack Obama will campaign with presumptive Democratic White House nominee Hillary Clinton for the first time next Tuesday, as a new poll shows a ...

 Jun 30 2016 - New York's Empire State Building to go dark for TurkeyMuscat Daily
(MENAFN - Muscat Daily) New York- New York''s famed Empire State Building will go dark on Wednesday in tribute to the 41 people killed and 239 wounded in a suicide attack at Istanbul''s main ...

 Jun 30 2016 -  Brazil has 'total confidence' in Olympics securityMuscat Daily
(MENAFN - Muscat Daily) Rio de Janeiro- Brazil has "total confidence" that it can ensure security for more than half a million tourists and athletes attending the Rio Olympics this August, ...

 Jun 30 2016 -  Eight killed as fire guts pharmacy in IndiaMuscat Daily
(MENAFN - Muscat Daily) Mumbai- Eight people were killed when a fire gutted a pharmacy in India''s financial capital Mumbai on Thursday, police said. One other person was seriously injured in the ...

 Jun 30 2016 -  Engine failure, errors by crew led to deadly Taipei crash: reportMuscat Daily
(MENAFN - Muscat Daily) Taipei - A plane crash in Taiwan that killed 43 people when a passenger jet plunged into a river was caused by engine failure and flight crew errors, a damning final ...

 Jun 30 2016 - NY entrepreneur swapping start-ups for charityMuscat Daily
(MENAFN - Muscat Daily) New York- After making millions before turning 40, a New York-based entrepreneur is dreaming of transforming charitable giving by bringing his start-up stardust and ...

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

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

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
Economic Calendar
Financial Glossary


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


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help