- Sacgasco has received approval from the Glenn County Planning and Community Development Services Agency for the drilling of the Borba 1-7 well
- The Borba well is located near Sacgasco’s owned and operated natural gas pipeline infrastructure which connects to the California Natural Gas Market
- The next and final step is to receive the approval from the California Department of Geological and Geothermal Resources
Sacgasco has received approval from the Glenn County Planning and Community Development Services Agency for the drilling of the Borba 1-7 well.
The Anzus and Borba prospect is located between the Dempsey 1-15 well in the Rancho Capay Gas Field and the Willows Gas Field in California.
The Borba well is located near Sacgasco’s owned and operated natural gas pipeline infrastructure which connects to the California Natural Gas Market.
“The vertically stacked conformance of 16 seismic anomalies, which are interpreted to represent gas filled reservoirs, is significantly greater than at the Dempsey 1-15 well, drilled previously by Sacgasco, which proved over 5,000 feet of gas saturated sediments,” the company stated.
Sacgasco is an energy company focused on the conventional gas exploration and production in the Sacramento Basin which is onshore in California.
Managing Director Gary Jeffery says the Borba prospect is a big opportunity for the company.
“The Borba prospect is a big opportunity for Sacgasco and the next logical step in the evaluation of the highly prospective, under-explored older strata in the Northern Sacramento Basin,” he said.
“It is very encouraging to see the unsolicited, supportive attitude of the local administrative body in granting this approval. We look forward to working with local authorities in monetising a discovery at Borba,” he added.
There is a growing public demand for natural gas energy. Sacgasco believes the development of this natural resource is desirable because it will contribute to the country’s tax revenues and provide a necessary resource in the community.
Borba well is in an agricultural area, in California.
The next and final step is to receive the approval from the California Department of Geological and Geothermal Resources.
“We are currently finalising the working interest participants in this exciting, high potential Borba well and we expect to be drilling Borba this year,” Gary added.
Sacgasco gained 11.11 per cent on the ASX today and is currently selling shares for 3¢ apiece at 3:35 pm AEST.