Liberty announced plans to drill a new well on the Alexander A Lease, Lockhart, Texas.
The Company is delighted with the progress made on the Lockhart lease, and after considering multiple options, have announced plans to further develop the asset by drilling a new test well that will specifically target the Edwards shale play.
Works carried out on the primary 3 wells in addition to further testing and discussions with various consultants has improved the Company's understanding of the lease and its potential.
The Edwards limestone formation underlies the Eagle Ford Shale and Austin Chalk formations, which the Company is currently producing from. The Edwards is considered by geologists to be the original source of hydrocarbons that are now found in the Eagle Ford Shale and Austin Chalk above it.
"We are excited by our plans to drill a new well that will specifically target the Edwards to test the potential for production from this zone. Geological reports based on geological, offset and historical data suggest that each vertical well drilled could produce 40,000 to 50,000 bbls, and each horizontal well 250,000 to 300,000 bbls. We are still working with consultants to determine the best approach for our Company. We believe a maximum of 60 wells should be sufficient to fully exploit the play. We expect to be able to provide further details shortly," commented Ian Spowart, CEO of Liberty Energy Corp.
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