Californian well promises good news for Aurora

AURORA Oil & Gas says good oil shows have been recorded at its Californian North Belridge 26-1H development well, which was today directionally drilling ahead in a horizontal hole at a depth of 12,374 feet (3771m).
Californian well promises good news for Aurora Californian well promises good news for Aurora Californian well promises good news for Aurora Californian well promises good news for Aurora Californian well promises good news for Aurora

The shows were obtained from 10,500ft to the present depth.

Once the 4000ft horizontal portion of the well has finished drilling, Texas Crude Energy will install a 5-inch diameter production liner over the full length of the horizontal and seal back into the casing.

Reservoir stimulation by hydraulic fracturing will occur, followed by oil and gas production.

Due to contractor availability issues, reservoir stimulation, which was previously booked for the end of this week, is now expected to start in the last weekend of August.

North Belridge 26-1H is the first of 10 initial development wells planned for the North Belridge oil discovery and is located close to the vertical discovery well that intersected three oil-bearing reservoir intervals totalling 170ft at a depth of about 9800ft.

The second well is expected to spud this month.

Texas Crude Energy estimates North Belridge to have potential P50 reserves of 60 million barrels of recoverable oil and 40 billion cubic feet of gas. It estimates potential recoverable reserves from the North Belridge 26-1H well to be about 600,000bbl of oil.

Aurora has a 32.5% contributing interest in North Belridge 26-1H and will receive 32.5% of the revenue until well payback, after which its interest reduces to 16.25% (net revenue interest 12.1875%).

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