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Australian oil and gas company Titan Energy Ltd (ASX: TTE) (Titan Energy or the Company) is pleased to provide the market with an update on the JT Reese #S2 well being drilled in the Allen Dome oil field in Texas.
In line with its policy of ensuring that all care is taken in drilling as safely as possible, the Company and its drilling contractors have elected to set an additional liner in the JT Reese #S2 well bore.
The JT Reese #S2 well is currently drilling ahead is now approaching the first of its initial targets at a depth of approximately 2,400 feet.
JT Reese #S2 has a pre-drill plan to be drilled to a Total Depth of 5,200 feet and to target five separate horizons at a location on the Northern flank of the Allen Dome salt dome. Each of the sands has been estimated to have the potential to produce at approximately 50 barrels of oil per day if commercial quantities of oil are encountered.