La Posada Rig on Location
Highlights
- Thibodeaux #1 rig is on rigging up and expected to spud within a week
- La Posada prospect is targeting 10.3 million barrels and 302 BCF
- Targeting multiple objectives over 2,100 gross feet of potential sand
- Analogue discoveries include Davy Jones & Flat Rock > 1tcf
- Analogue production rates estimated at 30 + mmcf/d and 1,400 bc/d
- Well anticipated to drill to TD in 150 days
Thibodeaux #1, La Posada Prospect, Non Operator 4.75%WI
The Board is pleased to advise that the Thibodeaux #1 well rig is presently being brought to location and expected to spud within a week.
The Company entered into an agreement on 14 December 2010 to acquire a 4.75% working interest in the La Posada Prospect which covers an area of 2,400 acres in Vermilion Parish, Louisiana. This prospect will be drilled by Thibodeaux #1 to a total depth of 19,300ft. The most likely reserve potential being 10.3 MMBBL and 302 BCF gas, with upside potential of up to 40 MMBBL and 1.1 TCF gas. The potential economic value of the Company’s interest ranges from US$50M to US$180M (NPV 8%, 10 well development, current energy prices). The La Posada Prospect was generated from a proprietary 3D shoot. The prospect is targeting a condensate rich gas pool in a large fault bounded structure, located in a major proven hydrocarbon trend with nearby discoveries in the same objective. The project offers substantial impact and long life reserves. The Company’s share of the initial well costs is 5% of the total which is estimated at ~US$1.175m. The well is targeting multiple objectives with over 2,100 gross feet of potential sand over a 2,000 acre closure with the primary targets being the L CrisR 1st Massive sands (680ft sand of structure) and Secondary targets being the U & M CrisR sands (700ft sand of structure).
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