(MENAFN- ProactiveInvestors)
Winchester Energy (ASX:WEL) has started oil production at its 50%-owned White Hat 20-1 vertical well in Texas.
White Hat 20-1 well has produced 777 barrels of oil over a period of 8 days from 1518 barrels of total fluid for an oil cut of about 51% which is within the normal range for Ellenburger production in the area.
Winchester and the operator are considering drilling an offset well after observation of production for about 30 days.
This will also enable the estimation of reserves for the well.
The cost of an offset vertical well has fallen to approximately USD$800000 to drill and complete a vertical well significantly less than previously budgeted.
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