Adelphi has been advised by the operator, Texas Crude Energy Inc (“TCEI”), that on the 14 October 2008 the well was preparing to drill ahead at a measured depth of 16,325 ft which equates to approximately 4,500 ft of horizontal section within the Austin Chalk.
Slow progress over the week was primarily the result of the drill string parting and the subsequent successful fishing operation.
The well has again continued to produce gas whilst drilling, with regular intervals producing strong flares with back pressure on the well. Gas readings regularly in excess of 2,000 units have continued to be measured.
Whilst encouraging the commercial significance of these gas shows and flares will not be known until the well has been flow tested.
The horizontal section is targeting the upper part of the Austin Chalk that has been reported as successfully producing gas and condensate in 3 wells in the adjacent acreage.
Kennedy -1H
TCEI has also reported that production at Kennedy-1H over the prior week averaged 0.15 million standard cubic feet per day and 44 barrels of condensate per day.
Further updates on Kennedy production will be made in the event of a material change and on a quarterly basis
ADI Price at posting:
22.5¢ Sentiment: Buy Disclosure: Held
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