Independent Resources announced that exploration well ST-4 was spudded August 26, 2010. The ST-4 well is situated on the Ksar Hadada Permit lying onshore Tunisia which covers an area of 5,608 square kilometers. The Company holds an 18.97% Working Interest.
The ST-4 well is the second of a two-well drilling program that forms part of the work program that was agreed when PetroAsian Energy Holdings Limited farmed into the Permit. PetroAsian is committed to finance all of the joint venture's work commitments in the current program, including the drilling of the two wells, up to US $14.5 million.
This highly deviated well is being drilled into an Ordovician Bir Ben Tartar Formation oil target and is planned to reach a true vertical target depth of a minimum of 1095 meters and 1627 meters measured depth. It is envisaged that the ST-4 well will take approximately 29 days to drill, subject to operational requirements, at a dry hole cost of approximately US $ 6.14 million.
Further announcements will be made once the current drilling program is completed.
Independent assessments of gross prospective contingent resources and chances of success for the 2010 drilling targets on the Permit have been carried out by Blackwatch Petroleum Services Ltd on behalf of PetroAsian Energy Holdings Ltd (52.96% Working Interest).
Background details follow:
These operations follow the renewal of the permit for three years from April 20, 2008 and the previously-announced transaction involving PetroAsian. This transaction, which resulted in the current joint venture, removed IRG's commitments for the duration of this phase of the permit and allowed at least two wells to be drilled and tested and significant new seismic data to be acquired. The block's Operator, Petroceltic Ksar Hadada Limited, has a 28.07% Working Interest.
The primary targets on the Ksar Hadada block are Cambro-Ordovician quartzites and the Silurian Acacus Sandstone. Several large oil-prone prospects have been mapped; these are sourced by the Silurian Tanezzuft Shale, which is the main source rock for North Africa. A recent light oil discovery in the Cambro-Ordovician immediately to the south of the block in the adjacent Remada Sud permit has now validated the potential of the Ksar Hadada prospects. Across the border in Libya high oil production rates have been achieved on test from multiple Acacus wells, providing added attraction to the Acacus play on Ksar Hadada. In addition, significant shale oil prospectivity remains to be mapped and tested.
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