Otis Energy Limited provide the following update on the second well in the 2012 drilling program at its Catahoula Lake project (20% Working Interest).
The SL 20846 # 1, was drilled to 1,050 feet (320 metres) and surface casing had been set in place when the barge rig drawworks suffered a breakdown. Repair work is now complete and drilling has resumed. Currently the well is at 3,072 feet (936 metres). The well is expected to reach target depth by the end of the current week. Planned target depth is 4, 500 feet (1,676 metres). The SL20846 #1 well is targeting multiple 'stacked' sands in the Middle Wilcox Formation.
The SL 20846 # 1 Well is the second of a planned 7 to 8 well program to be drilled in succession from the Company's jointly owned barge rig between now and June 30 2012. Successful wells will be completed and tied into the Company's jointly owned production facilities.