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- Prominence Energy (PRM) encounters the main T2 target as drilling of Bowsprit-1 southeast of New Orleans in the US nears total depth
- At the target, the company reported a modest gas peak and the cuttings analysis and mud logs are said to identify a fair oil show
- The current data from the T2 zone is inconclusive and PRM plans to run logs to evaluate all the zones once total depth is reached
- The rate of penetration has slowed and to remedy this, the company has removed the rig from the hole to change the drill bit
- Shares in Prominence Energy were down 31.25 per cent to 1.1 cents at 2:34pm AEDT
Prominence Energy (PRM) has encountered the main T2 target as drilling of Bowsprit-1, southeast of New Orleans in the US, nears total depth.
Following the company’s announcement last week that drilling of the well had reached a depth of 3260 feet, it has now reportedly hit 7582 feet, with around 1000 feet to be drilled to reach total depth.
The main middle-miocene sandstone target — “T2” — was encountered at approximately 7400 feet. PRM said there was a modest gas peak at the target, and cuttings analysis and mud logs identified oil shows, however the current data is inconclusive and further evaluation by logs is required.
Moving forward, there are three more zones to be drilled before reaching total depth, the next of which, T3, is around the 8000 feet mark.
Due to a slowed rate of penetration, the company has pulled the drilling rig up to change the drill bit.
Once total depth is reached, logs are planned to be run to evaluate all zones.
In other news, the company has invited investors to its annual general meeting of shareholders to be held on November 26. The meeting will discuss, among other topics, re-election of directors and ratification of a $750,000 convertible note agreement including the issue of around 81 million shares.
Shares in Prominence Energy were down 31.25 per cent to 1.1 cents at 2:34pm AEDT.
