AMU 0.00% 21.0¢ amadeus energy limited

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  1. 214 Posts.
    RE: WEEKLY DRILLING REPORT – SUCCESSFUL GRAPELAND WELL The Directors of Amadeus Energy Limited wish to announce the drilling update report as follows: Exploration wells: Pennington #2 Type: Oil exploitation Location: Grapeland Project, Houston County, Texas Status: The well reached target depth of 6,010 feet as at 22 April 2006 (Texas time). Logs of the well indicate 7 feet of net pay, with 25% porosity and good permeability. Pipe has been set and the well will be completed and on production within 30 days, as soon as a completion rig is available. Production rates will then be established. Target Depth: Test of the Sub-Clarksville at 6,000 feet Working Interest: 53.5% Operator: Bomar Oil and Gas Inc. Overview: The Grapeland field covers 600 acres of land and was discovered in 1947 and rapidly developed with a total of 29 wells drilled, for a highly porous and permeable oil sand at 5,800 feet called the Sub-Clarksville. Due to extremely poor production practices, internal lawsuits between its two partners, low oil prices and no gas market, the field was abandoned prematurely. Independent engineering studies have indicated that the field had 12 MMBO in place. Utilising a 30% recovery factor, the field should have produced approximately 3.6 MMBO instead of actual production of 2.2 MMBO. This leaves 1.4 MMBO to be recovered under primary recovery conditions. Potential for use of water flood to increase this amount is also very viable. The Pennington #2 well is the first well to be drilled in the Grapeland field by Amadeus and its joint venture partners.
 
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