The company has completed the drilling and initial testing of the Cachirre #1 well which was abandoned by SK Innovation and Gulf United Energy.
The Cachirre #1 well was drilled to a total measured depth of 9,486ft.
Houston American Energy will test the C-9 sand on a sole risk basis and bear all the costs related to testing and well completion cost.
The company will intends to recoup 900% of its testing and well completion cost, if the well is successful, and will have all the rights to all the production from the well.
US based Houston American Energy is expecting to get the test results in ten days.
