The company has set 300ft of surface casing and the primary objective of this well, the 80-2V, is to appraise all hydrocarbon horizons to 4000ft.

Petrolympic has signed an exploration agreement with Texas HBP and Shell Western E&P, pursuant to which it has the right to earn a 50% working interest in the Chittim Ranch property.

The property is operated by Big Shell Oil and Gas, and Arrow Drilling has been engaged as the drilling contractor.

Petrolympic CEO Mendel Ekstein said given the production activity in the surrounding area, the company believes that this well, and the Chittim Ranch property in general, holds significant potential.