(MENAFN- ProactiveInvestors - Australia) Petsec Energy (ASX: PSA) has spudded its first horizontal shale well in Alberta's Western Sedimentary Basin that targets up to 15 million barrels of oil.
The well is expected to take 30 days to drill and case to its target depth, after which it will be fracture stimulated and completed for production.
Productivity of the well should be known in the mid first quarter of 2013 following clean-up of the fraccing fluids.
Petsec has a 25% working interest in the joint venture leases of 26,080 acres.
The Western Canadian Sedimentary Basin contains one of the world's largest reserves of petroleum and natural gas.
It is Canada's largest hydrocarbon producing province, with production to date in excess of 13.7 billion barrels of oil and 47 trillion cubic feet of natural gas.
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