Sydney - Tuesday - October 11: (RWE Australian Business News) - Carpenter Pacific Resources Ltd (ASX code: CPC) today announced the successful recompletion of the Huntington-3 well in the 30 per cent owned Jefferson-McLeod Project in East Texas. Huntington-3 was an old, abandoned well that was re-entered and tested by the company and its partner. In the recompletion of the Huntington-3, two new reservoirs were perforated and fracture-stimulated. The well is currently producing from the two reservoirs commingled, at 240 barrels of oil and 450,000 cubic feet of natural gas per day - for a total of 1.9 million cubic feet natural gas-equivalent (mmcfe) per day - flowing at 475 lbs of flowing tubing pressure. As a result of this success and the previously announced success of Childers-1, the company believes it has at least 10 further development locations on its leases, as well as an additional recompletion in Huntington-1, to exploit this discovery and target the same reservoirs producing in Huntington-3. Carpenter Pacific continues to pursue numerous other development opportunities on the remainder of its acreage in East Texas. Shares in Carpenter Pacific rose 0.5c to 30.5c this morning
CPC Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
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