DRILLING

FAR, Amadeus farm into South Grosse Tete Prospect

First Australian Resources (FAR) has inked a deal with US firm Gruy LLC to take part in the drilling of the South Grosse Tete Prospect, in Iberville Parish, South Louisiana.

FAR, Amadeus farm into South Grosse Tete Prospect

The agreement is still subject to the completion of formal documentation.

In a statement FAR said, “Under the agreement [the company] will pay for 15% of the cost of an 11,650 foot normally pressured test of the Upthrown Bol Mex section of the Prospect, a three way faulted closure, lying to the east of the Bayou Choctaw Northwest field, with estimated potential in the range of 3 to 5 million barrels of oil.”

“The cost of the well, a land based vertical hole planned for December 2004, is estimated at US$1.4 million with a further [US$500,000] for completion and pipeline connection. Provided the project is successful payout is estimated to occur within 10 months,” added the company.

FAR’s working interest in the acreage will be 15%. Other partners in the project include “Amadeus Energy Limited and associates of Gruy LLC”. Their objective in the project are the Nonion Struma with potential recoverable reserves of 12-15 BCF gas, Nodosaria between 13,500-14,500 feet with 100 BCF gas and 5 million barrels oil, and Deep Wilcox at 6,500-17,500 feet with 350-500 BCF gas and 9-13 million barrels oil.

TOPICS:

A growing series of reports, each focused on a key discussion point for the energy sector, brought to you by the Energy News Bulletin Intelligence team.

A growing series of reports, each focused on a key discussion point for the energy sector, brought to you by the Energy News Bulletin Intelligence team.

editions

ENB Cost Report 2023

ENB’s latest Cost Report findings provide optimism as investments in oil and gas, as well as new energy rise.

editions

ENB Future of Energy Report 2023

ENB’s inaugural Future of Energy Report details the industry outlook on the medium-to-long-term future for the sector in the Asia Pacific region.

editions

ENB Cost Report 2021

This industry-wide report aims to understand current cost levels across the energy industry

editions

ENB Social Licence Report 2021

In its second year, this research now includes trends and new findings surrounding impacts and responses as the energy industry seeks to secure and maintain a social licence to operate.