S Welsh Prospect, Calloway #1 well, developed drilling complications due to a significant influx of gas into the wellbore from a zone above the well objective. ? Although the well is under control, the operator has recommended it be P&A’d. ? The operator is presently preparing a re-drill proposal for the partners to consider. ? The Company owns a 10.5%WI of an estimated resource of upto 450,000 bbls of oil in a low risk project approximately 250ft high to a well which produced 335,000 bbls of oil and associated gas. The well is designed to encounter the Marg Tex formation. ? Located in Jeff Davis Parish, Louisiana within the Welsh Field (produced 90 MMBO and 100 BCFG). ? Project is an up-thrown 3-way trap on the flank of deep seated salt structure generated from subsurface well information and 3D seismic. ? Sand deposition is uniform with the downdip well logging 150ft of sand
GGE Price at posting:
1.5¢ Sentiment: Hold Disclosure: Held
