Magnum Gas & Power has commenced drilling of the Tulainyo Gas Discovery appraisal well in the US.
The Ensign Rig 587 is onsite and has commenced drilling the Tulainyo 2-7 gas appraisal well, in the Sacramento Basin in California. Over the course of the past 24 hours, the rig equipment has been tested and pre-spud safety procedures have been carried out. The well is planned to a total, measured depth of approximately 1,700 metres (5,600 feet) with drilling operations expected to take less than one month to complete.
The Company’s 60% owned subsidiary, Gas Fields LLC, is earning up to 33.33% (20% net) in the Tulainyo Gas Project via a joint venture with the operator, California Resources Production Corporation, a subsidiary of a NYSE listed company which is one of California’s largest oil and gas production companies and Cirque Resources LP, a private company based in Denver, Colorado.