Triton Energy announced an Ellerslie liquids rich natural gas discovery well in the Corporation's Strachan/Ricinus core area of west central Alberta and the acquisition of 15 sections of Crown land directly on the Ellerslie trend.
Triton confirmed its exploration concepts in its Strachan/Ricinus core area by deepening a suspended well 55 meters at 6 - 30 - 37 - 8W5. A six meter Ellerslie channel sand was discovered at 3,120 meters. Triton's mapping indicates this Ellerslie discovery to be significant as it is an extension of the highly productive Ferrier Ellerslie F pool located six miles to the north east.
The 6-30 well was fracture stimulated on March 27 and is currently flowing 3 Mmcf/d with 2 bbls/hr of frac fluid on fracture cleanup. The well is tied in and will be tested in-line once the final tubing string is snubbed into place. This well is expected to be placed on production at 2 Mmcf/d of raw gas plus 50 bbls per Mmcf of natural gas liquids (approximately 365 boe/d sales). The Corporation has an 83% working interest in the well.
Triton is immediately commencing a second deepening operation at the adjacent 14-29-37-8W5M well. The 14-29 well is 100% owned and is expected to encounter a thicker sand sequence based on 3D seismic interpretation. Additionally, Triton's third exploration prospect on this channel sand system is licensed as a 100% working interest 3,500 meter test well located ten miles south at Triton Ricinus 15-10-36-9W5M and is planned to spud in the second quarter of 2010.
At a highly competitive Crown land sale on March 24, the Corporation acquired 100% working interests in 15 key sections of lands that it posted. Triton now has 20 net sections of land directly on-trend with the Ellerslie channel discovery. The Strachan/Ricinus Ellerslie lands with a large amount of gas in place per section are approved to be drilled at up to four wells per section on select lands.
The analogous Ferrier Ellerslie F pool has produced 70 BCF to date from this Ellerslie channel with ultimate gas recovery forecasted to average 4.6 BCF per well. Triton's management team has considerable experience targeting Lower Cretaceous deep basin channel sands through a combination of geological and geophysical models. The wells are expected to generate a risked 20% rate of return at gas prices of approximately $3.50/Mcf. Additionally, recent proposed changes to the Alberta Crown royalty regime are expected to enhance liquids rich natural gas well economics. Other prospective zones in Triton's Strachan/Ricinus core area include the Cardium, Viking, Glauconite and Rock Creek.
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