(MENAFN - ProactiveInvestors - Australia) Titan Energy (ASX: TTE) is taking its first steps towards cash flow with re-entry of existing at its Allen Dome North salt dome oil project in Texas wells to begin within days.
Local contractor Total Engineering Services has confirmed a rig will re-enter the currently shut in Reese-5 well on Friday, 11 October, to re-complete it in a shallower zone.
Titan is targeting production increases of 30 barrels per day (bpd) or more.
Once this is completed, the rig will move on to the Reese-2a well, which is currently producing at a very low rate.
Pre-drill estimates indicate the re-completion could increase production by up to 40bpd.
Other wells that are likely to be re-entered include the Reese-4c and Reese-6a wells.
Titan is also on track to spud the first of up to five exploration wells at Allen Dome to test new targets identified in modern reprocessing of data from the Northern Flank.
This well is expected to be drilled to a total depth of 5,200 feet targeting multiple zones, each with the potential of producing 50 bpd of oil or more.
Titan has a 84% working interest in the Allen Dome project.