Petromin Resources Ltd. expects to begin the drilling of its (15-23-42-28W4M) Morningside Dual Oil/Gas Prospect this July 2012. The well should take about six days to directionally drill and about seven days to frac and complete.
The test well offsets a dual producer that has produced over 165,000 boe to date and had initial flow rates in excess of 350 barrels of oil per day with approximately one million cu. ft. of gas per day.
The well is to be drilled at no cost to Petromin and the company will retain a 25% working interest (WI) after payout with a gross over-riding royalty interest before payout.