-1200x645-800x430.jpg)
- Rig on site as Galilee prepares to test five shallow oil targets
- Sidetrack scheduled to commence Monday
- Five shallow oil targets remain the priority
- Sidetrack designed to preserve potential for oil production if successful in evaluation and testing
Galilee Energy (ASX: GLL) is set to test a sequence of potential “game changing” oil targets with sidetrack operations at its Zydeco Oil & Gas project in Louisiana scheduled to commence on Monday.
.png)
The sidetrack will test five recently identified stacked oil targets totalling up to 422.6 kbbl which have materially broadened the Zydeco development potential beyond original Tweedel gas-condensate objective.
The company will take advantage of a rig currently on site following earlier drilling success at Zydeco.
“With the rig already on site and sidetrack operations scheduled to commence on Monday, we look forward to taking the next step in evaluating Zydeco’s oil potential,” MD, Joseph Graham, said.
“The original well identified five prospective shallow oil zones, opening an additional opportunity beyond our original gas-condensate objectives. Our focus now is to drill and evaluate those targets and, if successful, establish a pathway to oil production.
“The sidetrack and oil testing program is fully funded from our recent placement. We look forward to updating shareholders as operations progress and results become available.”
The sidetrack will focus on the five prospective shallow oil zones identified from the original Zydeco-1 well: Borsum, Richie, Discorbis gravelli, First Het and Homeseeker B.
The program is designed to evaluate these targets while preserving the sidetrack as a potential oil production well. Any decision to proceed to production will depend on the results of drilling, formation evaluation and testing.
The deeper Stafford and Tweedel gas-condensate objectives remain potential targets for a dedicated future well.
The company expects the sidetrack and oil testing program to be funded from its recent $3.5 million placement, with no additional funding currently anticipated for this program.
GLL is steady at 0.4¢ with a Mkt cap of $8.076M prior to markets opening.
Join the discussion: See what HotCopper users are saying about Galilee Energy now and be part of the conversations that move the markets.
The material provided in this article is for information only and should not be treated as investment advice. Viewers are encouraged to conduct their own research and consult with a certified financial advisor before making any investment decisions. For full disclaimer information, please click here.