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Under its new banner the company will take part in a drilling program starting this month in the prolific San Joaquin Basin in California. Nuenco will also be farming into a 25% interest covering some 2560 acres (with the option to double that acreage) in the South East Lost Hills project.
The Lost Hills field has yielded over 500 million barrels of oil (MMBO) with increasing production rates as it has been extended south east from initial discovery in the early 1900s.
Anzoil has also taken a 25% farm in interest in three more exploration blocks covering some 1900 acres in the southern San Joaquin Basin (the San Emidio project area). The total obligation to earn the farm in interests is budgeted between $1.5 million - $2.0 million but will ultimately depend on final exploration costs.
