Petrolympic provided an update on the drilling of its appraisal well 80-2v on the Chittam Ranch property. The company has completed logging and taking Side Wall cores from the 80-2V. These cores have been sent to the lab and the initial analysis has revealed oil showings in the core from at least three oil bearing horizons including the Georgetown. Casing has been set and cemented to Target Depth. Given the results to date, the Company has decided to complete in the Georgetown and has already perforated two zones with plans to perforate additional zones. Petrolympic is currently awaiting arrival of the Stimulation crew, scheduled to be on site before the end of July. Petrolympic expects to announce production rates following completion of the well.
"We are very encouraged by the core that has been sent to the lab for analysis and we are eager to begin completion of the well," said CEO Mendel Ekstein. "The delay in the obtaining the Stimulation crew is indicative of the rapid growth of drilling activity in area. We continue to be very pleased with our decision to diversify our resource base and expand into the United States. Our goal now is to quickly move into the production phase of this project."
During drilling of the well, Petrolympic penetrated 7 oil and gas bearing horizons with the initial target horizon for production being the Georgetown. The Chitham Ranch well is being drilled by Petrolympic as part of an earn in agreement with Texas HBP and Shell Western E&P, pursuant to which Petrolympic has the right to earn a 50% working interest (yielding a 37.5% net revenue interest) in the Chittim Ranch property
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