The company has reported oil flow rate at 50 barrels of oil per day (bopd) from the recompletion of Reese No.5 well on the northern flank of Allen Dome, where it owns about 84% working interest.
Titan was expecting about 30bopd oil flow rate at the well.
The company’s US business unit is negotiating to be paid for the Allen Dome crude output at a price that is $7 below the Brent crude price, which is currently $108.95 and has already transported the first tanker of the crude to a local refinery.
Titan Energy managing director Steve Thomas said, "We identified Allen Dome as a real opportunity to provide the Company and its shareholders with early cash flow and we are pleased to see that strategy is being borne out."
Titan has also re-entered Reese No.2a well and is planning to re-complete a new zone at a depth of 2,542ft. The existing and the new zone together are expected to produce 30bopd.
The company has also begun Reese No.4c workover at the site, and is reviewing the potential of re-completion of Reese No.3a and Reese No.6a wells.
In addition, Titan has also signed a drilling contract to spud Reese No.10 well by the end of November and Reese No.2 well as a part of its multi-well recompletion and exploration program.
