American Petro-Hunter has executed the Authority for Expenditure (A.F.E.) and has advanced funds totaling $158,150.00 in full for its Working Interest share of drilling costs for the Archer-Meyers #1 Well. This well is the first exploratory gas well planned at the Victory Gas Project and will be testing the Randal Island North Prospect.
American Petro-Hunter has been informed by the operator that the Archer-Meyers #1 well is projected to have a total depth (T.D.) of 7,838 feet. Following the receipt of funds from all working interest partners, site preparation and drilling will commence. The Company anticipates a spud date to be set shortly.
The Archer-Meyers #1 well is targeting Winters Sands indicated by 3D seismic data to cut a well defined AVO anomaly in sands that have a cumulative thickness of 54 feet. The well is 1/3rd of a mile from an existing pipeline connection for gas sales which should require minimal work and cost to tie-in and thereby provide cash flow within an expedited time period. In the event of a commercial gas well, potential initial production rates (I.P.R.) of between 2,000 to 4,000 MCF per day is envisaged which could net the Company between 500 and 1,000 MCF per day in Q4 2009.
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