Very impressive company, projects and continued successful results............I can now see why Macquarie's are chasing hard, being in both the two top bid level's at today's close! I've been watching from the sidelines, and the story just keeps getting better!
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South Belridge Hits Oil Again
Orchard in California
A well at Orchard Petroleum Ltd’s South Belridge project in California has hit a substantial oil and gas accumulation, increasing production targets to 500 barrels of oil and gas equivalent per day.
The South Belridge #4-7 well reached total depth of 5,035 feet (1,535m) and has been logged and completed. An extensive oil and gas accumulation was encountered in the Diatomite section.
In the shallow Etchegoin section, gas was also encountered, similar to all the wells drilled at South Belridge. In addition, strong oil shows were also recorded for the first time in the shallow interval.
The second well in the current six well program (#5-7) which commenced drilling last Wednesday 7 September, will be the eighth well drilled at South Belridge.
New production facilities are now operational, increasing the company’s production capacity and lowering operating costs.
The company announced that oil and gas production has increased to over 200 barrels of oil equivalent per day, and production is now targeted to exceed 500 barrels of oil and gas equivalent per day within the next few months.
Orchard Petroleum Ltd is an ASX listed company with a strategic focus on the exploration of oil and gas in California. The principal activity of Orchard Petroleum and its controlled entity, Orchard Petroleum Inc, has been the exploration for crude oil, natural gas and associated liquids.
- 12 Sep 2005
wrxsti
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