Heintschel Field Development Drilling Update
The three wells on the Heintschel field (H#1, H#2 and D Truchard #1) are currently flowing at a combined rate of ~ 0.9 million cubic feet of "wet" gas per day (mmcfd) and ~26 barrels of condensate per day.
Wet gas contains natural gas liquids (NGL) which effectively add ~ US$2.50 per thousand cubic feet (mcf) to the received gas price (currently ~US$2.30/mcf). Condensate sells for the same price as crude oil (current US price is ~US$105 per barrel).
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About Burleson Energy Limited
Burleson Energy Limited (ASX:BUR) is an Australian publicly-listed company, focused on drilling and developing hydrocarbons in the Gulf Coast region of Texas, one of the most prolific energy provinces in the United States.
We have aligned with quality US partners such as the experienced and family-owned AKG Energy to target conventional reservoirs – mainly Wilcox sandstone – using low-cost vertical wells in areas such as Colorado County, Texas.
With an 83% exploration drilling success rate since 2006, Burleson Energy has moved into development and production as well as exploration. We discovered and brought two fields onto production in 2010. One of these, Heintschel, is large with an independent audit estimating dry gas in place for the whole field at 111 Bcf plus 9.2 mmb of hydrocarbon liquids (condensate plus natural gas liquids (NGL)). AKG and BUR believe it could recover more than 160 Bcf plus liquids. A horizontal well, Truchard #2H, spudded on 8 June 2012. Burleson has an 83.5% working interest in it. We believe this will be the first in a series of horizontal wells to develop the field.
We are also generating a development plans for the field.
We have four producing wells - Heintschel #1 and #2, Truchard #1 (on the Heintschel Field) and Joann #1 (on the Joann Field) - which currently generate revenue for the company.
Burleson Energy has numerous exploration targets across 26,000 acres, and our working interest in these prospects ranges from 36 to 75%.
Burleson Energy Limited