(MENAFN- ProactiveInvestors - Australia) Titan Energy (ASX: TTE) is poised to record early cash flow from its Allen Dome salt dome oil field in Texas after recording good oil flows from two recompletion wells.
The Reese-5 well is expected to flow 30 barrels per day (bpd) of oil or more after it is connected to production lines for sale while Reese-2a has flowed at a sustained higher rate after mechanical problems with existing equipment was rectified.
Reese-2a will be monitored over the next few days before a decision is made on whether or not to plug the well back to a reservoir sand at a depth of 2,587 feet.
The workover rig is now moving the to the Reese-4c well, which will be plugged-back to another shallow zone for a completion attempt.
This is expected to increase production by up to 30bpd or more and may be followed by a recompletion of the Reese-6a well.
Titan is also progressing plans for the first of up to five exploration wells at Allen Dome.
Drilling contractor Total Energy Services has advised it may have a suitable rig available within the next two to four weeks to allow for the drilling of the Titan Reese-1 well and the Titan Reese-2 at Allen Dome North.
These wells target multiple zones, each of which have the potential to produce 50bpd or more.
The Allen Dome salt dome is located about 80 kilometres south of Houston, Texas in Brazoria County.
Oil production from the dome flanks began in the 1920's with cumulative oil production over 800,000 barrels to date from less than 20 wells. Less than 50 wells have been drilled on the dome flanks, all of which were located utilising subsurface well information.
Titan is confident that modern exploration and drilling technology will lead to a significant increase from the moderate current production levels.
Titan has a 84% working interest in the Allen Dome project.
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