Perth, June 18, 2008 AEST (ABN Newswire) - The first well in Exoma Energy's (ASX: EXE) horizontal well has now reached its total vertical depth of around 8500 feet and is kicking off the 4500 foot lateral well bore. (See attached) Results should be available in around a fortnight, after fraccing and testing is completed. It is free carried in the well by Operator Crusader Energy which has a successful drilling record in the Anadarko Basin, Oklahoma in excess of 90%. Exoma is currently producing around 110 barrels of oil equivalent per day.
In other recent news, Beverley Scully has been appointed Chief Financial Officer. Ms Scully was previously a Client Manager in the Forensic division at Deloitte, and with Grant Thornton, HLB Prangleys and KPMG prior to that. Her extensive skills included complex analysis of financial data, investigation, risk management, litigation support, analysis of statutory reporting documents and auditing financial accounting data.
Ian Hobson has also been appointed Company Secretary.
-------------------------------------------Drilling Report: Brearley 1H-11 Report Date: 16 June, 2008 Project: Anadarko Basin Horizontal Drilling Programme Location: Ellis County, Oklahoma Well: Brearley 1H‐11 Spud Date: 8 June, 2008 Exoma Working Interest: 25.87% (free carried) Operator: Crusader Energy Group LLC. Objective: 1.5 BCF gas and 50,000 barrels of oilTotal Vertical Depth (TVD): 8,600 feetTotal Measured Depth (TMD): 13,500 feet Current Vertical Depth: 8,063 feet------------------------------------------
Progress: The Operator has reported Brearley 1H‐11 has reached the kick off point (KOP), just above the target Cleveland Formation. From the KOP, the Operator is building the angle of the wellbore so it will achieve its horizontal bearing and enable it to set the casing point (heel) in the Cleveland Formation in the next few days.
Once cased, the horizontal (lateral) is proposed to be drilled for 4500 feet to the tip. It is then proposed to frac the Cleveland Formation and flow test the well.
Drilling updates will be reported every Wednesday in accordance with ASX Listing Rule 3.1
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