Ascalon-1A, drilled in 1995 by Mobil, encountered 155m TVD gross section in the same Permian formation as the Petrel and Tern Gas accumulations. Despite 40% of the gross reservoir section being tested, the shallow section of the reservoir was not flow tested due to mechanical issues.
Ascalon has an aerial extent of 320 km2, a proven source/charge, trap, seal and a high reservoir pressure (10,500 psi), which is 3,500 psi over normally pressured and may be due to a much deeper closing contour and greater gas in place.
It’s worth nothing if OXX can’t find a partner. If they can find a partner then woohoo! It’s very similar to Winchester in that something is there.....( but let’s not mention Winchester eh....)
OXX Price at posting:
0.8¢ Sentiment: Hold Disclosure: Held
