Platina Energy Group, Inc. announced that Kenner #4 is now in the completion phase. During drilling, the operator reported a particularly long stretch of the Devonian Shale Formation as compared to the other wells. Strong indications of gas were present from as shallow as 600 feet. Accordingly, this could be the most promising well on the prospect to date.
The drilling rig is now nearing total depth (TD) on Kenner #3. Site preparation and permitting for the next well is almost complete.
Blair Merriam, President, stated, "With natural gas prices over $8 per mcf, we're cautiously optimistic that revenues from the Tennessee Field run by Appalachian Energy could be considerably higher than forecasted. These wells have high-grade gas with average estimated production at 100-200mcf per day. With the new net revenue increase to Platina, these first four wells could deliver $75-150 thousand per month to the Company at current pricing."
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