Marksmen Energy and its joint venture partner, Houghton Investments have spudded the first well of initial drilling program in Ohio, US.
The first of up to five wells of its initial drilling program has reached total depth with oil and gas in an upper formation and oil in the targeted Cambrian Knox formation.
The Cambrian Knox formation oil circulated to surface during the drilling.
Currently in the process of being logged, the well will be cased and completed.
The company is planning to complete production testing within the next two weeks while second well spud is expected later this week.
Marksmen Energy is set to earn 75% working interest by paying 100% for the drilling of the first two wells and thereafter it will pay 75% and its joint venture partner will pay 25% of each well drilled in the five square mile area of mutual interest (AMI).