Put together some fundamentals for all to browse over, whilst we...

Put together some fundamentals for all to browse over, whilst we await news on spudding FP-1.

Here's a quik look at the proposed FP-1 location. Aerial map in the link at the bottom shows this upcoming well, Fausse Point-1 (in green) and others (in yellow) drilled in the Mississippi swamp over the years.

As per their recent presentation, this well has a 30-40% POS (success rate) which is justified given the potential of the area & production from nearby wells. The oil bearing sands sit on the shoulder of a salt dome & follow a trend when it comes to picking a location to drill a well in this area. Only bummer is the hostile conditions..

Its not a wild-cat well (has more gators here though) & has wells drilled pretty close by, about 250m to the east & west, which were drilled 50 yrs ago to a depth of 8900 ft & had oil & gas shows. FP-1, as per their operator TGR is targetting oil in the young sands to a depth of 8700' apprx. IMHO, this should b a quik drill program (max 3 weeks from spud).

Despite the harsh local conditions, this area continues to produce oil & gas & Fausse Point field in the last 32 years, has produced 10.075 mmbbls oil & 113.85 bcf of gas.

Some of the older wells are still producing, between 50-230 bopd with some gas. They also use barges for drilling in the middle of the lake (misnomer of a term for a swamp).

Worth reading their presentation for now, for now they have enough funds (A$1.2m) to share drill-costs for this well.

Here's the map showing the proposed location.