Tomahawk to raise funds for Oklahoma wells

TOMAHAWK Energy is out to raise up to A$3.3 million for well completion programs and working capital at its Okfuskee County, Oklahoma acreage.

The move comes as Tomahawk joins with shale producer US Independent to acquire working interests in 25,000 acres of Okfuskee County held by Metro Energy Group.

Tomahawk’s latest prospectus invites investors to apply for a total of up to 4.4 million shares at an issue price of A75c per share. The minimum subscription estimate is A$2.025 million but the company wants to raise up to A$3.3 million.

Between A$1.9 million (minimum subscription) and A$2 million (maximum subscription) would be allocated to completing the Longview 1-17, Longview 2-17 and Hudson 1-16 wells. Between A$31,000 and A$1.16 million would be allocated to working capital.

Longview 1-17 was the third well in the 2005 drilling program. Spudded on March 30, it reached total depth of 3858ft on April 10.

Logs indicated 60ft of gross hydrocarbons over four intervals in the secondary conventional targets. The two primary “unconventional” targets, the Caney Shale and the Woodford Shale, intersected gross thickness of 174ft and 45ft respectively.

The number of secondary formations encountered in this well was less than other wells in the project, but the Caney Shale delivered gas kicks of up to 4800 units during drilling – more than double the maximum units encountered in any of the previous wells.

The Woodford Shale was perforated between 3710-3740ft on June 28 and was fracture-treated a week later.

Longview 2-17 was spudded on April 12 and reached total depth of 3945ft on April 27.

Electric logs confirmed 289ft of gross hydrocarbons over nine intervals in both the primary and secondary objectives.

The two primary unconventional objectives, the Caney Shale and the Woodford Shale, intersected gross thicknesses of 163ft and 43ft respectively, with excellent gas shows of more than 1500 units. The well also discovered gas over the seven conventional formations where it intersected gross thicknesses of 83ft.

The Woodford Shale was also perforated between 3850-3880ft on June 28 and was fracced a week later.

Hudson 1-16 was spudded on April 29 and reached total depth of 3965ft on May 10.

Electric logs confirmed 269ft of gross hydrocarbons over six intervals in both the primary and secondary objectives.

The two primary unconventional objectives, the Caney Shale and the Woodford Shale, intersected gross thicknesses of 163ft and 42ft respectively. The well also discovered gas over four conventional formations where it intersected gross thicknesses of 64ft.

The Woodford Shale was perforated between 3800-3830ft on May 31 and fracture-treated a week later.

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