Australian oil and gas company Titan Energy Ltd is pleased to provide an update on the operations of its multi-well developmental drilling program on Allen Dome.
JT Reese #15 Commenced
Encore Drilling commenced drilling of the main portion of the JT Reese #15 at 14:30 Hrs US Central Time (US CST) on May 3 following previous spudding and setting of conductor. The 8 5/8' surface casing has since been cemented to 860 feet. The Reese #15, a 4,500 test, is the second well of the drilling program as part of Titan's major joint development project with funding partner Gulf South Holding, Inc.
Under the terms of the Joint Development Agreement, Titan received a US$100,000 Operation supervision payment at commencement of drilling the JT Reese #15. Gulf South shall pay 75% of the drilling and completion cost for a 50% Working Interest, while Titan shall pay 25% for a 50% Working Interest.