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Titan Energy flows higher oil rates at Allen Dome  Join our daily free Newsletter

MENAFN - ProactiveInvestors - Australia - 19/11/2012

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(MENAFN - ProactiveInvestors - Australia) Titan Energy (ASX:TTE) has achieved better than expected oil flow rates at its Allen Dome salt dome field in Texas.

The Reese-5 well has been recompleted with the installation of a gravel pack system and an adjustable choke to control the flow rate of the reservoir at about 50 barrels of oil per day with possible pump assistance.

This flow rate is significantly higher than the pre-drill estimates of a potential flow rate of 30 bopd.

Titan has also successfully re-entered the Reese-2a well, with plans to drill a new zone at a depth of 2,542 feet. Completion of the well plan is likely to take 9 days.

Additional workover of Reese #4c and potential recompletion of Reese-3a and Reese-6a is also being planned.

Titan is also likely to drill a range of exploration wells at Allen Dome, with Reese-10 likely to be spudded by end of November. The well is likely to be drilled to a depth of 5,200 feet, targeting multiple zones, each of which has the potential of producing 50 bopd or more.

Similar drilling program is planned for another exploration well that will test shallower targets.

Oil production at Allen Dome started in the 1920s with cumulative oil production over 800,000 barrels to date from less than 20 wells.

Titan has almost 87% working interest in the Allen Dome project.

Titan is also in talks to secure rigs to drill in two locations at its North Perth Basin Drilling Reservation DR11.

 






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