ANNOUNCEMENT TO THE AUSTRALIAN STOCK EXCHANGE: 24 JANUARY 2005 MULTI WELL DRILLING PROGRAM TO COMMENCE
Introduction Carpenter Pacific Resources NL (ASX: CPC) is commencing an initial drilling and recompletion program of up to nine wells at the Jefferson-McLeod Project (Texas) (30%) and the Helper Project (Utah) (72.5%). The program is scheduled to commence in the next two weeks.
The details are as follows: Jefferson-McLeod Project (30%)
Background The Jefferson-McLeod Project is a re-development of the large Rodessa Field, and other reservoirs in the area (Petit, Travis Peak, Cotton Valley and Bossier) located in the NE corner of Texas. The Rodessa Field has cumulative production of some 390 million barrels of oil (“mmbbl”) and 2.5 trillion cubic feet (“tcf”) of gas. The Rodessa Field was first discovered in 1930 with most production occurring prior to 1960. Historical production occurred against the background of low gas prices (typically less than US$0.20 per thousand cubic feet (“mcf”)) when oil was the primary focus and gas was of little commercial value.
There's more on the ASX site but the graph didn't print so I will leave you to go further if you are interested. M.
CPC Price at posting:
0.0¢ Sentiment: None Disclosure: Held
