(MENAFN- ProactiveInvestors - Australia) Otis Energy (ASX: OTE) is participating in a new well at the Charro Oil Exploration Project in New Mexico that targets oil in the Paddock and Blinebry formations.
The Paddy 23 State-1 well is currently drilling ahead at a depth of 476 metres and is expected to take about two weeks to reach its target depth. The Paddock/Blinebry formations are expected at a depth of about 2,286 metres.
Additional reserve potential may be present in the Abo, Wolfcamp, Cisco, Atoka and Morrow formations below the Paddock/Blinebry formations.
Dry hole costs attributable to Otis are US$70,257 with completion costs to put the well into production estimated at another US$38,211.
Otis has a 5.5% working interest in Charro, which is located along the North-Western Shelf of the Delaware Basin in a prolific oil and gas producing region of Lea County, New Mexico.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.