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November 21, 2011
ASX Release ASX Codes: TNP, VIL, KOG, GGE
Lyons Point Well – Drilling Update#11
? Pruitt et al #1 Well drilled to extended Target Depth (TD) of 16,500ft, with electric logs to be run
? Lyons Point is a high impact prospect targeting 3 MMBC & 60 BCFG (up to 4 MMBC & 80 BCFG)
? Adjacent to Leleux Field which produced 5 MMBC and 300 BCFG from target reservoir
Pruitt et al #1 Well, Lyons Prospect, Acadia Parish, Louisiana, USA- Non Operators
The Pruitt et al #1, the initial test well for the Lyons Point Prospect was
spudded on 13 September 2011 and reached TD of 16,500ft on 21
November 2011.
The operator is preparing to run electric logs over the target reservoir
section to determine the hydrocarbon potential.
The well was drilling through what is expected to be the Marg Tex 3
Sands at 16,300ft and accordingly the project partners agreed to extend
the well a further 200ft. The Marg Tex 3 is highly productive in analogue
fields immediately to the south of the Lyons Prospect. Procession Drilling
agreed to complete the extra 200ft under an extension of the drilling
Turnkey contract.
The well is being operated by Clayton Williams Energy Inc. under a
turnkey fixed cost drilling contract with Precision Drilling. The prospect
has a closure of circa 400 acres with a most likely resource potential of 3
MMBC (Million Barrels Condensate) and 60 BCFG (Billion Cubic Feet Gas)
with upside potential of 4 MMBC and 80 BCFG.
The Lyons Point Prospect is a seismically defined, upthrown fault bounded structural closure. The objective section is
provided by the prolific Oligocene Marginulina Texana (MT) 1, 2, and 3 Sands. The MT sands are productive in several
fields in the immediate surrounding area and include the nearby Leleux Field, which has cumulative production of 5
MMBC and 300 BCFG from the MT interval.
The ASX participants in the Lyons Point Prospect are as below: