It really is hard not to get excited about TTE's discovery in the Allan dome.
I just read the ann again..........
HIGHLIGHTS: • 68 feet thick hydrocarbon bearing sand in one zone of interest encountered,including 48 foot oil sand based on log interpretation. • Three other potential pay zones intersected and to be assessed for development in other areas.
•Well currently being prepared for production • Pay zone is extension of previously encountered oil sand
•Company to investigate probable follow up opportunities across the Allen Dome area to test the sand.
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 exploration well in the Allen Dome oil field in Texas. Initial interpretation of logging of JT Reese #S2 is that the well intersected four separate zones with hydrocarbon indications, including one very significant section from 3045’ to 3114’ . Initial indications are that the top section of this interval contains gas, with logs suggesting a lower section between 3066’ to 3102’ contains high gravity light oil and a section from 3102’ to 3114’ contains black oil. High gravity oil generally brings the highest market price. This sand, although identified on other well logs, has never been encountered with this thickness in any other well across the Allen Salt Dome. -------------------------------------------------------
All in all this would have to be the most positive and encouraging drilling report I've ever read and I've read a few.
GEV Price at posting:
18.0¢ Sentiment: LT Buy Disclosure: Held
