Triangle Petroleum Corporation reported the following update on its Maritimes Basin shale gas exploration program.
Windsor Block (516,000 gross acres) in Nova Scotia
The Company's first vertical exploration well of 2008, N-14-A, has been drilled to a depth of 8,500 feet (2,600 meters). The well encountered Horton Bluff shale at a depth of 3,600 feet (1,100 meters), and drilled through a total of 4,900 feet (1,500 meters) of shale and interbedded sands before drilling was terminated in the lower Horton Bluff.
An extensive suite of open hole logs has been obtained over the entire shale interval. Core was taken in the shale over a 60 foot (18 meter) interval at a depth of 5,800 feet (1,700 meters), and cuttings samples were retrieved throughout the drilling operation. Log and lab analyses are currently underway in Calgary and Houston. The highest gas response was observed while drilling the interval between 4,200 and 8,200 feet (1,300 to 2,500 meters).
Preliminary analysis of the shales below 8,200 feet (2,500 meters) indicate higher thermal maturity and diminished gas response, so the decision was made to suspend drilling at 8,500 feet (2,600 meters) and to set 7-inch intermediate casing. By setting the large intermediate casing, the Company retains the option to either deepen or drill out horizontally, depending on formation evaluation and completion results in the vertical well. Triangle owns a minimum 45% working interest in the well and is the Operator.
The Company's second vertical exploration well in 2008, O-61-C, was spudded early this week. This well is located approximately 14 miles (22 kilometers) west of N-14-A, and is located in a separate fault block from N-14-A, extending the trend from the two Kennetcook test wells drilled by Triangle in 2007. Planned total depth is 9,900 feet (3,000 meters). This well has been positioned using seismic to test the Horton Bluff shales and to evaluate potential conventional reservoirs in the uphole Windsor group. Triangle owns a minimum 45% working interest in this well also and is the operator.
Howard Anderson, President of Triangle, stated, "Triangle has embarked on its 2008 multi-well exploration program in the Windsor Block. The N-14-A well looks very encouraging, with greater than 3,300 feet (1,000 meters) of prospective gas-bearing shale and sandstones. This is just the first of several wells planned to enable Triangle and its partners to more fully evaluate the Horton Bluff shale resource. As data from the N-14-A, O-61-C, and subsequent wells are evaluated, the Company and its partners will be able to design and implement an appropriate completion and testing strategy, with a goal of providing the signposts towards commerciality of the Horton Bluff shale."
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