During test flow, the company achieved a maximum flow at a rate of about 331 barrels of oil per day (bopd) on a 18/64 choke. The choke was later adjusted to manage the flow rate to 250bopd as a part of its well management program.
The discovery is also flowing natural gas at an average rate of around 196 million cubic feet per day.
Titan is flaring the gas and is discussing the potential to commercialize the gas. The current gas price is $4.41 per thousand cubic feet.
Titan Energy chairman Darren Levy said with only 17ft of the 68ft perforated, the JT Reese #S2 well is producing as per prediction.
"This is an important discovery for Titan Energy which is already bringing in strong cash flow, with around 2 tankers a day currently trucking our Allen Dome oil to a local refinery," Levy added.
"We are confident we can have repeat drilling successes across our growing Allen Dome holdings and we are continuing to build an inventory of leads and targets both in the Southern flank and our newly acquired Eastern flank."
