Big Tex exploration campaign commences

DRILLING is underway at the SL192 PP 031 exploration well at Otto Eneryg’s Big Tex exploration venture on the Gulf Coast with new partner Hilcorp; the well is now 1038 feet vertical depth.

Big Tex exploration campaign commences Big Tex exploration campaign commences Big Tex exploration campaign commences Big Tex exploration campaign commences Big Tex exploration campaign commences
 
The exploration well is one of eight wells to be drilled in the campaign and will target the Tex W 16 and Tex W18 middle Miocene age sands. These sands have been known to hold resources producing 562 million barrels of oil and 934 billion cubic feet of gas from the West Delta 30 field nearby. 
 
SL 192 PP 031 is being drilled with a barge mounted rig and will take 55 days to reach a total depth of 13,175 feet at a cost of US$4.23 million. 
 
Otto has a 37.5% working interest in the prospect, while its joint venture partner and operator Hilcorp holds the remaining 62.5%.
 
Prospective gross resources are estimated at 6.5 million barrels of oil equivalent. Otto will hav...