TomCo Energy Plc signed a drilling agreement with Mark III Energy Holdings LLC, its 50% joint venture partner at the Abel leases on the Hull Salt Dome oil field, Liberty County, Texas, and at the Saratoga leases on the Saratoga Salt Dome oil field, Hardin County, Texas. The companies have agreed to drill up to six new production wells after a comprehensive Production Optimization Study has been completed.
The study will build on previous reports and studies and develop a better understanding of the oil-bearing sands. The study will be used to generate economically attractive forward programs to increase current oil production from these leases.
The Hull and Saratoga Salt Dome oil fields are located in East Texas where numerous similar oil fields have been developed over the last 80 years. These oil fields have characteristically had multiple oil-bearing reservoirs and excellent reservoir characteristics.
TomCo has instructed GeoExperts to carry out the Production Optimization Study of the two leases, with an estimated completion date in the first quarter of 2008. GeoExperts will also report on the viability of drilling a water disposal well that can be commercially exploited with other producers in the area in addition to joint venture use.
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