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
 Oct 1 2014 - GCC needs to produce dynamic non-oil sectorMENAFN
(MENAFN) According to the International Monetary Fund (IMF), in order to maintain sustainable growth, the Gulf Co-operation Council (GCC) countries have to produce a dynamic non-oil tradable sector ...

 Oct 1 2014 - Kuwait to host 23rd Gulf Cup of NationsArab Times
(MENAFN - Arab Times) KUWAIT CITY Sept 30 (KUNA): Kuwait will host the 23rd edition of the Gulf Cup of Nations Kuwait Football Association (KFA) Secretary General Saho Al-Saho said Tuesday. Al-Saho ...

 Oct 1 2014 - Abu Dhabi airport's passenger traffic up 24.8 percent in AugustMENAFN
(MENAFN) Abu Dhabi International Airport's passenger traffic increased by 24.8 percent in August compared to the same month last year, with a total of 1.920.934 passengers passing through the airport ...

 Oct 1 2014 - US Mondelez International to invest USD90m in plant in BahrainMENAFN
(MENAFN), the packaged food company, announced it is planning to build a USD90 million biscuit plant in Bahrain, which will help the company reduce costs and meet growing demand for its biscuits, ...

 Oct 1 2014 - Oman interested to invest in CyprusMENAFN
(MENAFN) Oman's Minister of Oil and Gas said that the country is very interested in investing in Cyprus, particularly in the field of research and exploitation of natural gas, Muscat Daily ...

 Oct 1 2014 - Emirates to launch new Dallas flightsMENAFN
(MENAFN) Emirates announced it has launched its first scheduled A380 daily service to Dallas Fort Worth International Airport, Gulf Business reported.The airline said it expects that the business ...

 Oct 1 2014 - Dubai Development Co. considering several offers of merger or acquisitionMENAFN
(MENAFN) Dubai Development Co, the company responsible for the Mirdif area of the emirate, announced it is considering several external offers of merger or acquisition, Arabian Business reported.The ...

 Oct 1 2014 - Etihad Rail starts on second phase of USD11bn UAE rail networkMENAFN
(MENAFN) Etihad Rail, the UAE's railway developer, announced it is set to secure government funding and award contracts for the construction of the second phase of its USD11 billion national rail ...

 Oct 1 2014 - Oman Sail teams upbeat over ESS Act 7 challengeMuscat Daily
(MENAFN - Muscat Daily) As the 2014 Extreme Sailing Series (ESS) gears up for Act 7 in Nice France to be held later this week Oman Sail's teams on The Wave Muscat and Oman Air are relishing the ...

 Oct 1 2014 - Oman settles for seventh place in Asiad hockeyMuscat Daily
(MENAFN - Muscat Daily) Basim Khatar struck the winner for Oman as it rallied from a goal down to defeat Bangladesh 3-2 in a playoff and clinch the seventh place in hockey in the 17th Asian Games at ...

more...


 






Google

Click to Apply

 
 

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