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Brisbane, Nov 15, 2011 (ABN Newswire) - Linc Energy Limited (
ASX:LNC) is pleased to announce the commencement of drilling on the Fitzgerald Unit #1 of the Barbers Hill oil field in Chambers County, Texas. This is the first new well to be totally drilled by Linc Energy since acquiring the Gulf Coast assets of ERG Resources on 11th October 11 2011. The well will be drilled utilising the Pioneer Rig #15 and has a proposed total depth of 1,706 metres (5,544 feet).
The Barbers Hill field was originally discovered in 1916 and is geologically related to the Barbers Hill salt dome. It has produced over 130 million barrels of oil and reached a maximum annual production level in excess of 8 million barrels in 1931. The oil is produced from the prolific "Miocene" and "Frio" sand reservoirs that are between 5 and 35 million years old.
The Fitzgerald Unit #1 well is targeting multiple productive reservoir sands which have produced over one million barrels of premium crude in this part of the field. To reach the multiple potentially productive sands that lie between 1,025 and 1,700 metres (3,300-5,500 feet), the well will be directionally drilled. Linc Energy will be using advanced Logging-While-Drilling (LWD) technology, thus allowing for course corrections during drilling and assuring that the well will be in the most advantageous up-dip structural position.
Linc Energy's Chief Executive Officer, Peter Bond, said, "Spudding the Fitzgerald Unit #1 well represents a milestone for Linc Energy by kicking off the first of our development well program which is to be drilled in the coming months in our new Gulf Coast oil fields. Drilling additional development wells in proven reservoirs is one of the methods that Linc Energy will use to unlock the vast oil potential held within these fields. We are targeting highly productive zones in proven reserves - it's a low risk way of rapidly building our crude oil production rates."
ASX:LNC) is pleased to announce the commencement of drilling on the Fitzgerald Unit #1 of the Barbers Hill oil field in Chambers County, Texas. This is the first new well to be totally drilled by Linc Energy since acquiring the Gulf Coast assets of ERG Resources on 11th October 11 2011. The well will be drilled utilising the Pioneer Rig #15 and has a proposed total depth of 1,706 metres (5,544 feet).The Barbers Hill field was originally discovered in 1916 and is geologically related to the Barbers Hill salt dome. It has produced over 130 million barrels of oil and reached a maximum annual production level in excess of 8 million barrels in 1931. The oil is produced from the prolific "Miocene" and "Frio" sand reservoirs that are between 5 and 35 million years old.
The Fitzgerald Unit #1 well is targeting multiple productive reservoir sands which have produced over one million barrels of premium crude in this part of the field. To reach the multiple potentially productive sands that lie between 1,025 and 1,700 metres (3,300-5,500 feet), the well will be directionally drilled. Linc Energy will be using advanced Logging-While-Drilling (LWD) technology, thus allowing for course corrections during drilling and assuring that the well will be in the most advantageous up-dip structural position.
Linc Energy's Chief Executive Officer, Peter Bond, said, "Spudding the Fitzgerald Unit #1 well represents a milestone for Linc Energy by kicking off the first of our development well program which is to be drilled in the coming months in our new Gulf Coast oil fields. Drilling additional development wells in proven reservoirs is one of the methods that Linc Energy will use to unlock the vast oil potential held within these fields. We are targeting highly productive zones in proven reserves - it's a low risk way of rapidly building our crude oil production rates."
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About Linc Energy Limited
Linc Energy is a globally focused, diversified energy company with a strong portfolio of coal, oil and gas deposits. It is Linc Energy's purpose to unlock the value of its resources to produce energy to fuel the future.
A publicly listed company, Linc Energy is the global leader in Underground Coal Gasification (UCG), which delivers a synthesis gas feedstock to supply commercially viable energy solutions – such as electricity, transport fuels and oil production – through gas turbine combined cycle power generation, Gas to Liquids (GTL) Fischer-Tropsch processing and Enhanced Oil Recovery.
Linc Energy has constructed and commissioned the world's only UCG to GTL demonstration facility located in Queensland, Australia. This facility produces the world's only UCG to GTL synthetic diesel fuel. Linc Energy also owns the world's only commercial UCG operation, Yerostigaz, located in Uzbekistan. Yerostigaz has produced commercial UCG synthesis for power generation for 50 years.
Linc Energy is on a rapid global expansion path to commercialise its portfolio of resources, with established offices across three continents in the United States, the United Kingdom and Australia.
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