FAR told the ASX yesterday that preliminary logs have confirmed several pay zones in its SL328-8 well in Lake Long, in South Louisiana’s Lafourche Parish.
Potential oil and gas pay zones have been identified in the D, E, F-1, F-2, G and H sand zones between 9,900 (3017m) and 10,900 feet (3322m). Sidewall cores are being run to evaluate some additional uphole potential, the company said.
Based on initial interpretation of logs, 27.4 feet (8.35m) of net pay has been identified in three zones, with further possible pay of up to 17.3 feet (5.27m) in other zones within the wellbore.
SL328-8 was drilled as a deviated well targeting multiple objective sands prospective for oil and gas below 9900 feet (3017m). These normally pressured objectives, which are supported by a combination of subsurface well control and 3D seismic, are productive elsewhere in the Lake Long field, FAR said.
“The SL328-8 well continues FAR’s run of successes at Lake Long with economic modelling suggesting a pay back in less than six months,” the company said.
“A planned deep Hollywood test well is scheduled for later in 2006.”
FAR holds a 1.375% interest in the well.
In addition, FAR said good progress has been made in the Texas lease acquisition program, in which the company has signed an agreement to earn a 34% working interest.
It said that 4317 gross and 3127 net acres have been signed up, with title searches continuing to yield more prospective ground.
FAR will join a Houston-based operator in a proposed 80.5 square kilometre 3D seismic survey over a lightly explored area, on trend with significant Eocene production. The survey is designed to evaluate a number of structural leads generated by subsurface mapping and evaluation of over 160 kilometres of existing 2D seismic data acquired mainly in the 1980s.
The purpose of the program is to locate optimal drill sites from which the hydrocarbon potential of the play area may be tested. FAR said the program is expected to identify potential reserves in excess of 50 billion cubic feet from the primary objectives alone.
Meanwhile, Strike Oil says ongoing production testing and development of its Mesquite Project is progressing favourably.
Further testing of additional potential producing zones in the Shefcik-1 well is continuing, with initial results demonstrating that additional commercial zones were likely in this well, Strike said.
These additional potential zones are shallower than the producing zones, which are currently flowing at a combined daily rate of 7.1 million cubic feet of gas and 170 barrels of condensate in the well.
As reported earlier this week, the Shefcik-3 well has been drilled through the primary objectives, with casing set for production testing. Gas logs, mud logs and petrophysical logs indicate similar results to adjacent producing wells, suggesting this well is likely to be commercial.
Testing of Shefcik-3 and additional shallow zones in Webernick-1 will follow the testing program in Shefcik-1. The fourth well in the program, Webernick-2, is planned for drilling immediately after operations are complete at Shefcik-3.