Titan Energy's (ASX:TTE) followers would be understandably becoming excited as it prepares to commence drilling in Western Australia's North Perth Basin.
There looks to be more excitement in store as spud day gets closer and closer.
The two-stage drilling program in EP455 prospect will begin with the planned Drover-1 exploration well that will test four distinct target formations in an unconventional gas play.
This and earlier geological and geophysical work is being funded by farm-in partner AWE Limited (ASX:AWE) for an effective free-carry to Titan of $7.5 million.
EP445 is independently assessed to host Prospective Resources of more than 2.3 trillion cubic feet of gas.
It covers an area of 110,000 acres close to AWE’s Woodada Deep-1 and Norwest Energy’s (ASX:NWE) Arrowsmith-2 wells that have been drilled, logged and fracture stimulated.
Titan has a 18.5% interest in EP455.
Drilling Program
The first stage consists of conventional drilling, core sample analysis and data evaluation.
This will be followed by the second stage, which includes the fracture stimulation of up to four target zones and a gas flow trial.
Drover-1 will test the Kockatea Shale; the Carynginia Shale; the Irwin River Coal Measures; and the High Cliff Sandstone.So there will be plenty of news flow ahead with drilling in July and August and core analysis until the end of December.
Texas
Titan is also drilling at its Holcomb Ranch Project in Texas where it has observed encouraging hydrocarbon shows while drilling the Holcomb 1-H well.
The company has a 7.33% working interest in the Holcomb Ranch Project.
Holcomb 1-H is the first of a proposed multi-well program at Holcomb Ranch, which hosts 11.5 million barrels of oil and 4.6 billion cubic feet of gas.North Perth Basin the sizzle
But it is the North Perth Basin "play" that could set Titan shares alight in the lead up to drilling. The well is positioned to benefit from any development of the Perth Basin unconventional gas field.
For Titan it has a meaningful interest in this conventional & unconventional fairway which has existing infrastructure to an ever growing gas market.
So, an up-tick in trading volume, would not be surprising given the risk and return equation.
Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.
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