(MENAFN- ProactiveInvestors)
(ASX:ETE OTCMKTS:ETKEF) is targeting oil production with the spud of the first of three horizontal wells at the Battle Mountain AMI in the U.S.
The company is fully carried for its 20% interest by GRMR a private company associated with East Resources.
GRMR is entitled to receive 100% of revenues earned from the three wells until it has recovered all relevant costs incurred on these wells on a combined well basis.
Entek and GRMR formed the Battle Mountain AMI two years ago.
Since that time GRMR have acquired and funded a modern and valuable 3D seismic survey across a large part of the jointly owned leases.
This was followed by a period of extensive geophysical work and interpretation to identify numerous well locations leading to this initial three well program.
Importantly this is the first time that horizontal drilling is used to target the Niobrara Formation.
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