The New Taiton prospect is a faulted rollover anticline structure targeting the prolific Wilcox sands at a depth of approximately 16,500 feet. The prospect is defined by 3D seismic and has strong amplitude and attribute responses. The prospect is along a trend of other existing Wilcox gas fields.
The timing for the drilling of this prospect is not set but expected to be within the next couple of months. Estimated dry hole costs are approximately USD 3.5 million (Antares share is USD 875,000).
Commenting upon the New Taiton farm-in, Managing Director, Howard McLaughlin, stated that:
"The participation in the New Taiton prospect is in line with our strategy of exposing Antares
Energy to high impact material prospects that in the success case will have a significant effect on our production, revenue and reserves. This is the first of a number of similar high value opportunities planned for drilling over the next twelve months. Details of additional opportunities will be the subject of further announcements as they are finalised".
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