Australian-Canadian Oil Royalties Ltd. reported that the operator states that as of Sunday morning (Texas Time), the Hunt drilling rig #2 began drilling the Pecos-1 well.
The Pecos-1 well will be drilled to a total depth of approximately 6,000 feet and will take approximately 12-14 days to reach TD. The Pecos-1 well is part of a three (3) well 2008 drilling program.
The primary payzone of the Pecos-1 well is the Hutton Sandstone, but five (5) more possible additional payzones may occur in the CadnaOwie, Namur, Birkhead, Murta and Poolawana sandstones.
The Pecos-1 well is being drilled on the C-26 structure, which covers approximately 3,459 acres and has approximately 338 foot of closure.
In comparison, the Pecos-1 structure is larger than the Worrior Oil Field, which adjoins PEL 112 to the East.
The Worrior Oil Field was discovered in 2003, the Worrior-1 well came in with an initial potential of 2800 BOPD.
The Worrior oil field is still producing.
The latest well, the Worrior-6 well was drilled in 2007 and came in with an initial potential of 2300 BOPD.
The Tantana Oil Field is the closest oil field to PEL 112.
The Tantana Oil Field has produced approximately 7,340,646 barrels of oil from twelve (12) wells. At today's crude prices that equates to approximately $701 Million Dollars or approximately $58 Million per well.
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