The Oryx-1 well is the first of a two well drilling program that forms part of the work program agreed when PetroAsian Energy farmed into the permit. PetroAsian will finance all of the joint venture’s work commitments in the current program, including the drilling of the two wells, up to $14.5m.
The well is being drilled into an Ordovician Bir Ben Tartar Formation oil target and is planned to reach a vertical target depth of a minimum of 1,165mt. It is envisaged that the Oryx-1 well will take approximately three weeks to drill at a dry hole cost of approximately $4.35m.
Independent assessment by Blackwatch Petroleum Services estimates the most likely (P50) prospective resources in the Oryx target of 25mmbbls oil, with a 34% chance of success to the exploration well.
On completion of the Oryx-1 well, the rig will be moved to the site for the Sidi Toui-4 well to drill the second well in the current program.
