Eagle Ford Shale Development
- Company entered into a participation agreement for a 10% working interest in a 40+ horizontal development well project in the Eagle Ford Trend.
The initial well is expected to spud in early May 2012.
Bowtie West Project
- Sugar Valley #1 well spudded on 23 March 2012 and has currently reached a TD of 11,510 feet.
Permian Basin Project
- Initial 4 wells have been drilled and undergone initial fracture stimulation according to their individual programs. Testing has indicated that there may be potential of three intervals for horizontal well development, two more than expected. Besides two Wolfcamp intervals, a lower interval often referred to as the Cline shale has shown encouraging results. This may lead to this interval being a candidate for its own horizontal drilling program.
- During the quarter the Company raised a total of AU$6.91 million.
- Cash balance as at 31 March 2012 was AU$ 2.4 million.
During the quarter the Company’s estimated gross share of production was 9,233 barrels of oil and 23.9 million cubic feet of gas. At current oil and gas prices net revenue to the Company is estimated at USD 270,000 per month.
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