Petrolympic has spud the first appraisal well at the Chittim Ranch property and has set surface casing for 300 ft. The company is expecting to start drilling in June first week, 2011.
A drill rig had planned to begin drilling in May, but due to some mechanical problems in the rig, a new drill rig will arrive at the month end. The company’s newly purchased leasehold; Chittim Ranch is situated in the productive Maverick Basin, Texas.
The main purpose of this 80-2v, first appraisal well is to evaluate all hydrocarbon prospects to 4000 ft. The company has signed an exploration agreement with Shell Western E&P and Texas HBP, by which Petrolympic has the right to acquire a 50% working interest in the Chittim Ranch property. Big Shell Oil and Gas is the property operator and has hired Arrow Drilling as its drilling contractor. Arrow and Big Shell are predicting to attain the target depth at the property in 10 to 13 days from the starting of drilling.
The project has significant resource potential and has allotted funds to instantly commence confirmation well drilling. Petrolympic CEO Mendel Ekstein considers that this project can make future revenue and self-finance additional exploration in the region.
The Chittim Ranch 8,000+ acre block is well-located in the productive Eagleford Shale resource play’s ideal oil window and situated among presently producing fields. Also, the land has McKnight, Georgetown, Buda and Edwards as other highly productive fields. Wide offsetting well control and 3D seismic describe the land’s acreage.
Source: http://www.petrolympic.com/