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Australia's Titan Energy preps maiden exploration well at Allen Dome  Join our daily free Newsletter

MENAFN - ProactiveInvestors - Australia - 27/12/2012

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(MENAFN - ProactiveInvestors - Australia) Titan Energy (ASX:TTE) is set to spud its maiden exploration well at Allen Dome Salt Dome fields in Texas.

The well will be drilled by Rotary Exploration, which is currently mobilising a rig to the Reese-10 well site on the northern flank of the Allen Dome, with the spudding likely later this week.

The well is expected to be drilled to a total depth of 5,200 feet, which will likely take 8 days. The well will target five potential zones, each of which has been assessed as having the potential to produce in excess of 50 barrels of oil per day.

Titan will also drill a second exploration well, on the northern flank as a development well to the Reese-10 well or target a proven oil producing sand at a depth of 1,400 feet.

This well will be located up dip to the 4C well, which had good oil shows.

The rig will then be moved to the southern flank where it will drill successive wells targeting the 1,400 feet sand.

The company is also planning to drill three other exploration wells in the New Year on the southern flank.

Titan Energy holds 87.5% and 84% interests in 344 gross acres on the southern and 276 gross acres in the northern flanks respectively on the Allen Dome.

It is in talks to acquire another large area of interest related to the salt dome.

In addition to the Allen Dome project in Texas, Titan has projects in Nevada, Louisiana, Illinois Basin, and Colarado.

At home, it has a 100% interest in the North Perth Basin Drilling Reservation 11 where the Warradarge seismic survey was done earlier in 2012.

It is also participating in a joint venture with AWE (ASX:AWE), which has farmed in for an 81.5% equity share in Eneabba South in the North Perth Basin.


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