(MENAFN- ProactiveInvestors - Australia) Antares Energy (ASX: AZZ) could repeat at its Northern Star project in Dawson County, Texas, the success it had at its Southern Star project in Howard County.
The Archer 16-1 well has been flowing oil and gas at an average rate of 65 barrels of oil equivalent per day (boe/d) during the 20 days it has been flowing.
This includes a 24 hour peak of 137 boe/d as well continues to flow fracture stimulation liquids.
Antares said the result significantly de-risks the 12,400 acre (50.2 square kilometre) Northern Star project area and warranting the drilling of additional wells on the project this year.
Proved, probable and possible reserves of 310 wells drilled on 40 acre spacing is between 29 million barrels of oil equivalent (MMboe) and 40MMBoe assuming estimated ultimate recoveries of 125,000bor and 175,000 boe per well.
Antares has been adding new oil producers to its Southern Star project this year, with 24 wells planned for this year.
These include such successes as the Ray-5 well, which produces at a rate of more than 500boe/d.
These wells will add to the 30 wells already on the project and are expected to boost production to more than 2500boe/d from the current 1000boe/d.
Both projects target the Wolfberry producing trend.
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