Tomahawk takes first exploration steps

Newly-listed Tomahawk Energy will kick off its maiden drilling campaign this week on its highly prospective oil and gas project in Okfuskee County, Oklahoma.

Upon listing on the Australian Stock Exchange (ASX) the company immediately focussed on exploiting the acreage on which it will fund all drilling and completion costs to earn a 75% interest (56.25% after royalties) in a five well drilling program, reducing to 50% (37.5% after royalties) once all expenditure has been recouped.

The first well (6-13) was scheduled to be spudded yesterday with the second well (7-13) to follow immediately. Once these two wells are completed the remaining three wells will be scheduled for drilling later this year.

Tomahawk said each well has multi-pay potential with 12 reservoir targets having proved productive near the prospect acreage.

Recent exploration carried out by Tomahawk exploration partners, Metro Energy, has achieved a 100% success rate from seven wells with shallow drilling depths of about 4,000 feet to penetrate all target zones and no complex or hazardous drilling, completion or production problems.

Okfuskee County, Oklahoma has abundant infrastructure to expedite commercialisation and early cash flow from exploration success.