WTeff???? Hate to swear . . . but
DOES THIS LOOK SMART ?
Dated Jan. 15, 2013 – ALLEN DOME OIL FIELD UPDATE HIGHLIGHTS:
• $3,157,635 raised from exercise of options and placement
• Company well-funded to continue aggressive US and Australian activities
• First well in exploration programme approaching key targets
• Oil production from the Allen Dome North flank climbs to a steady 100 bopd
Australian oil and gas company Titan Energy Ltd (ASX: TTE) (Titan Energy or the Company) is pleased to provide an update on recent financing undertakings and its exploration and remedial activities at the Allen Dome Salt Dome field in Texas. . . .
[snip] . . . . “The Company is also pleased to report that drilling operations are continuing at its first exploration well at the Allen Dome oil field in Texas, Reese #10.
After overcoming initial mechanical issues, Reese #10 is now at a depth of 1,800 feet. Providing that drilling activity is not further interrupted, the well is on schedule to reach its pre-drill planned Total Depth of 5,200 feet within the next few days. It will then be logged and evaluated for a possible completion attempt.
The well is targeting five potential zones, each of which has been assessed to have the potential of producing 50 barrels of oil per day (bopd), or more.”
Allen Dome background
The Allen Dome salt dome is located approximately 80 km south of Houston, Texas in
Oil production from the dome flanks began in the 1920’s with cumulative oil production over 800,000 barrels to date from less than 20 wells. Less than 50 wells have been drilled on the dome flanks, all of which were located utilising subsurface well information.
Titan Energy is confident that modern exploration and drilling technology will lead to a significant increase from the moderate current production levels.
Their press release – Titan Energy raises A$3.16M, continues Texas oil and gas drilling
Drill, Baby, Drill . . . on a Salt Dome??? Haven’t they learned their lesson?? And, why, oh, why is the US getting all these foreign companies (like BP, Titan etc.) into Wyoming, the Gulf of Mexico, Texas in the first place?? Big give away!