WHL Energy Ltd welcomed reports confirming that the high profile Palta-1 exploration well has spudded in the vicinity of the WA-460-P exploration permit in which WHL holds a 33.3 percent interest.
The Palta-1 well, located in the adjacent permit WA-384-P, has been confirmed to have spud on Sunday, Oct. 14, 2012.
The well is being drilled by Mobile Offshore Drilling Unit (MODU) the Noble Clyde Boudreaux (UDW semisub); the Shell-operated Palta-1 is expected to take approximately 60-90 days to drill in a water depth of 4,429 feet (1,350 meters). The well is targeting the very large Palta prospect which is estimated to contain upwards of 13.5 trillion cubic feet (Tcf) of gas if hydrocarbons are in place.
An estimated 2.5 Tcf of the Palta gas is mapped by WHL Energy to be located within the WA-460-P permit, which was awarded to a consortium of WHL Energy, Strike Energy Limited and Cottesloe Oil & Gas Pty Ltd in November 2011.
"We will be monitoring activity in the WA-384-P permit with great interest as it offers an opportunity to provide a real value uplift for WHL," WHL Energy Managing Director Steve Noske said.
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