Titan Energy Ltd. (TTE or the Company), an Australian petroleum exploration firm, provided Tuesday an update on its North Perth Basin Exploration Permit (EP) 455 in Western Australia.
In our previous update April 2 we advised that the Operator of EP455, AWE Limited (AWE) is aiming to spud Drover #1 mid June. A significant requirement to achieve this objective was government environment approval and assessment of the drill program. We are pleased to advise that AWE has received conditional approval for their Drover-01 Exploration Well Environment Plan, and have confirmed to TTE their intention to commence drilling in June 2014.
The drilling program is estimated to take approximately 30 days after which the well will be evaluated before progressing with the stimulation phase.
Titan Energy’s Chairman, Darren Levy, said: “We are further encouraged by this news to commence the drilling of Drover #1 within EP455 that will bring us closer to our potential involvement with a world class asset. REA-Deloitte’s independent assessment of the Prospective Resources in EP455 being in excess of 2.3 trillion cubic feet of natural gas highlights the potential.
EP455 in the North Perth Basin, Western Australia totals 110,000 acres of petroleum tenure. Titan Energy holds an 18.5 percent non-operating Working Interest, and AWE holds the remaining 81.5 percent.
Gross Prospective Resources
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