United States : TTE PETROLEUM makes another oil discovery in Texas.
TTE Petroleum Ltd (earlier Titan Energy) has announced that it has made another discovery in a major drilling program focused on building on existing production levels.
Setting a production casing on the Rosalee #5150 well, the company has started drilling the Rosalee #40 well as part of a multi-well campaign now underway.
Recently, various US-focused oil and gas producers have opted to minimise activity citing a continuing low oil price environment, however TTE Petroleum Ltd is accelerating its activities in the US Gulf Coast in Texas.
TTE Petroleum is supported by a US$75 million funding commitment from US investment group Gulf South Holding and a new funding agreement for up to US$7 million from UK-based DPJ Investments.
The Rosalee #5150 well logging has indicated three productive oil zones in the target area between 4,900 and 5,300 feet. These sands are considerably deeper as compared with the producing zones on the nearby JT Reese well, indicating the increasing number of target sands and overall development potential of the companys flagship Allen Dome field.
TTE at Rosalee #40 targets formations in the Miocene and Frio sands stacked up against the flank of the salt dome. This well offsets earlier tests drilled in the 1920s and 1930s by Shell Oil and Conoco.
[c] 2015 Al Bawaba (Albawaba.com) Provided by SyndiGate Media Inc. ( Syndigate.info ).
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|Date:||Oct 28, 2015|
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