atocha - good gas shows 1.2tcf potential

Promesa ASX debut yesterday. Drilling the deep Tuscaloosa trend in Louisiana. JV to this project FUT starting to move this morning as they get closer to target depth. This is a Re-Entry that Shell bored some 30 yrs ago with bypassed 125 ft of pay zone.

They are currently at target depth 17000+ feet and logs have been done. Hearing good gas shows results so far, very good signs of promise. Potential for 1.2TCF if they get to develop this region.

This may explain why the screen's hotting up. Stay tuned this is as good as it gets, hold on to your hat??



Some independent backgraound of the Tuscaloosa are below:

Tuscaloosa Background
In the mid-to-late 1970’s, Amoco, Chevron and Exxon began exploring and developing the hottest play in the US at that time: the deep Tuscaloosa trend in Louisiana, a band about 30 miles wide and 200 miles in length from the Texas state line on the west to offshore into the Gulf of Mexico on the east. The commercial viability of 18,000 to 20,000-foot Tuscaloosa sandstone wells was established by the discovery of fields such as Morganza, Moore-Sams, Port Hudson, Rigolets, False River and Judge Digby. With porosities up to 28% at depths of over 21,300 feet, wells could recover nearly 1 BCF of gas per foot of pay. Today, development in the Tuscaloosa trend continues aided by strong gas prices and 3D seismic. In February 2007, the US Geological Survey assessed the trend’s undiscovered gas resources as ranging from 8 to 27 TCF, with a mean of 16 TCF. Area Development & Activity Recently, BP Americas completed the Majors #7 in the Judge Digby Field at a rate of 50 million cubic feet per day (MMCF/d). This well is now considered the largest gas producing well in North America. BP/Amoco’s Judge Digby Parlange #2 perforated the Tuscaloosa and was completed at a rate of IPF 34.4 MMCF/d and 400 BC/d. The well, with cumulative production to date of 58 BCF, has an expected Estimated Ultimate Recovery (EUR) of 71.3 BCF and 200 MBC. To date, the Judge Digby Field has produced 650 BCF and 1.8 MMBC. Other notable and recent discoveries include BP/Newfield’s well in Point Coupee Parish, Louisiana, producing at 30 MMCF/d with offset wells currently being drilled.

Do your own research, this does not constitute investment or financial product advice. I hold direct shareholdings in PRA.