Im pretty sure the 800,000 barrels mentioned in yesterdays announcement was a mistake. Someone posted something on hotcopper yesterday saying something to the effect of 800,000 being nothing. I was sure the Allen Dome had produced hundreds of millions of barrels but didn't have the time to confirm my thoughts.
While only relatively sparsely drilled, the Allen Dome has produced over 760 million barrels of oil from sands above 5000 feet (1524 kilometres).
Titan Energy said similar prospectivity could be found within the southern farm-in area.
Salt dome fields are the most prolific producers in south-east Texas, with more than 2.5 billion barrels of oil produced since their discovery in the early 1920s.
Seacoast has compiled a large database of historic drilling and production activity in the southern sector and has identified a 1 million barrel of oil target above 6000 feet.
This may increase if more under-drilled or undrilled flanks are proven to be productive around the dome.
GEV Price at posting:
13.0¢ Sentiment: Buy Disclosure: Held
