Currently at North Franklin there is under lease, approximately 1,000 gross acres. The multi-objective gas reservoir target is thick, deep-water basin Winters Formation. The Winters Formation sands are permeable, upper Cretaceous sandstones. Based on a 450 acre closure, average net pay sands of 75 feet and a recovery factor of 1200 mcf/acre-foot, the potential prospect reserves are estimated at 40.5 Bcf of gas.
This compares favorably to similar Winters stratigraphic traps in the region such as at Staten Island (50 Bcf), West Thornton/Walnut Grove (45 Bcf), Putah Sink (48 Bcf) and Union Island, the trend's largest field at 278 Bcf. The Staten Island pool of the River Island field is the analog to the North Franklin. The average initial production rate of gas wells at the Staten Island pool is 7,000 mcf/day gas. Fidelis could anticipate, upon success, similar gas flow rates on a per day basis to these wells.
Silver Star Energy Inc. has retained a 75% working interest and Archer Exploration, Inc. and the operator of the project, Longbow LLC of Bakersfield retains the remaining 10% interest. Fidelis has now signed off on the executed AFE (Authority for Expenditure) for the initial 7,800 foot test well, named "Archer-Whitney #1." The well location has been chosen, surveyed and permitted. Expected tie-in cost of a successful well is estimated at $300,000 of which Fidelis will be responsible for its 15% working interest. The prospect is in close proximity to existing gas infrastructure in the area. Fidelis has been informed by the operator that the spud date of "Archer-Whitney #1" well is to be in early May.
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