CAMAC Makes Gas Discovery in Zijinshan Asset
CAMAC announced the positive results from the ZJS-02 well that was successfully drilled to a total depth of 1784 meters. Mud logs during drilling confirmed the presence of gas in several intervals ranging in depth from 1471 to 1742 meters.
The electric logs and cores obtained during the drilling are currently being evaluated by third party contractors to allow full assessment of the size of this discovery.
"We are very pleased with the progress of our work program and are now one step closer to fully appraising the commercial potential of the Zijinshan Gas Asset," said Chief Executive Officer Byron Dunn. "The next step is to spud well ZJS-03, which will be our first well in the larger, upthrown section of the play. The Zijinshan Gas Asset is surrounded by producing fields, and we are optimistic about our prospects there."
The Company's Zijinshan Gas Asset covers an area of 175,000 acres in the Ordos Basin in Shanxi Province, the second largest petroleum-bearing basin in China. It is in close proximity to major infrastructure, including the West-East Gas Pipeline and the Ordos-Beijing Pipeline.
CAMAC Energy owns 100% of the foreign contract interest in the Zijinshan production sharing contract in partnership with PetroChina CBM Co.