The new well, located in Lake Boeuf Field in Lafourche Parish, Louisiana, will be a directional well with a total vertical depth of 12,025 ft.
The prospect, where the company owns a working interest, is estimated to hold a total 11 billion cubic feet of natural gas and 880,000 barrels of condensate.
Most encouragingly, the prospect is directly updip, or up slope within the same reservoir, of wells that have produced 3.5 billion cubic feet of gas and 352,000 barrels of oil, the company said.
FTTN CEO Robert Federowicz said, "The project’s financing is almost complete, and we plan to get it spudded as soon as possible."
The Lake Boeuf Field prospect is the fifth working interest in a prospective US oil and gas well that FTTN has acquired in the past year.
The company will also continue to pursue new and potentially lucrative oil and gas leases up and down the Gulf Coast.
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