The initial well was drilled to a depth of approximately 10,000ft to test the Oligocene Frio trend.
This prospect has potential gross reserves of five million barrels of oil and 46bcf of natural gas, and the company owns 5% working interest after pay out in this prospect.
Based upon the estimates by the originating geologist, it is expected that this prospect could have potential reserves of five million barrels of oil and 46bcf of gas, which equates to a total of $619m in future gross revenue at recent prices of $87 per barrel of oil and $4 per mcf of gas.
