(MENAFN- ProactiveInvestors)
(ASX:TTE) has acquired a major holding in the Markham Dome oil field in Matagorda County Texas that previously produced over 18 million barrels of oil.
The company has secured 1144 gross acres (844 net acres) or about one quarter of the entire field.
A comprehensive 2D and 3D seismic evaluation is also being acquired as part of the purchase.
Markham Dome is located 90 miles southwest of Houston Texas and approximately 40 miles from the Company’s Allen Dome and Boling Dome fields.
Titan believes the field has overlooked potential and that modern technology and new drilling procedures will allow the recovery of commercial oil from depths ranging between 1100 feet and 5000 feet across the dome
It plans to drill a test well before 15th June 2015 in order to hold a portion of the oil and gas leases.
The company will make an initial payment of US$300000 in cash and shares for the interest in the field.
It will also pay US$30000 per drill site for 10 sites after the initial test.
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