Strata-X has been informed by the Vallecitos Project operator (Patriot Resources) that the Paul Graham Drilling Rig #5 has been mobilized to the Rhino # 1 location in San Benito County, California and has begun drilling operations. The Rhino #1 well is the first well to be drilled based on subsurface mapping carried out using the 20 square mile 3D seismic survey that was acquired by the company and its partners in 2010. The company has a 22.5% working interest in the well with an 18.9% net revenue interest. The well is located less than 1 mile from the F&I Field which has produced over 3.6 million barrels of oil from the Eocene Yokut Formation (as reported by Patriot Resources) from an average depth of 3,300 feet.
The Rhino well is targeting two intervals of Yokut sands as well as other secondary targets. The operator has estimated the P50 reserves potential of this prospect to be approximately 6.3 million barrels if both target sands are economically productive. The well has been permitted to a depth of 9,000 feet in order to test the entire prospective intervals and is estimated to take 23 days to drill and evaluate. The operator has budgeted an estimated $1.4 million to drill to casing point with the company's share being $313,000.
This is the first drilling location selected to test for hydrocarbons in traps interpreted using modern 3D seismic in the Vallecitos Project. Further, the information gained from this well will be valuable to help identify other opportunities within the 21,000 acre Vallecitos project.
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