Petrolympic has reached a 3,980 ft target depth (TD) by drilling its appraisal well 80-2v at the Chittim Ranch property.
The appraisal well has infiltrated seven oil and gas bearing horizons including Georgetown, which is the primary target horizon for oil and gas production. The company has encountered positive oil and gas showings in the Georgetown and additional formations.
At present, the company is estimating side wall cores and electric logs from the drilling program. It has planned to complete the well at the earliest. The drilling rig is presently casing 7" to 3,980 ft.
As part of the earn in agreement with ShellWestern E&P and Texas HBP, Petrolympic is drilling the Chittam Ranch well. It has the right to earn a 50% working interest in this property.
The CEO of the company has stated that the completion of the well and observing its rate of production are the next steps. Petrolympic has planned to make the necessary fiscal commitment to earn in on the 8000+ acre property, by considering that the well produces at least 50 barrels a day for 60 successive days.
Source: http://www.petrolympic.com/