Australian oil and gas company Titan Energy Ltd is pleased to announce commercial production on the initial test well of the 2015 multi-well developmental drilling program on Allen Dome.

JT Reese #14 on production

The JT Reese #14 is currently flowing 100% high gravity (44°) oil at 80psi on a 16/64 choke. In the first 72-hours of testing, the well has produced flush production of 348 barrels (116 BOPD) after it was perforated from 3932 to 3942', a 10ft section of the approximately 70 feet of net pay as defined by logging in this particular zone. This is the first zone of an estimated 8 prospective pay zones which both open hole and cased hole logging has indicated to be hydrocarbon bearing. Titan paid 25% of the drilling and completion costs and owns a 50% Working Interest in the well.

Titan CEO Brad Simmons commented, 'The JT Reese #14 is the most significant well drilled in Titan's history. It is not the production rate alone that makes this the case but the process. We overcame technical drilling and downhole conditions that have caused major issues for other operators on Allen Dome. It paid off. I would match the ground team that made this happen against anyone in the business. Our shareholders should be very proud of them.'

Tags: Titan Energy Ltd