This exploratory well was spud earlier this week and is targeting oil in the Swan Hills formation at a depth of approximately 3700m. Drilling is expected to take between 8-10 weeks to complete with total costs estimated at $4.4 million.
As a result of this agreement and subject to the Partner's option, Questerre will hold a 23.333% working interest (30% after payout) in this well and 10 sections of contiguous land in the Simonette area. This acreage lies adjacent to two discovered oilfields - the Simonette and Ante Creek fields - that have produced over 28 million barrels and 18 million barrels respectively from the Swan Hills formation.
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