Australia-based Titan Energy announced that its Titan Poole #C-1 Cap Rock well on the southern portion of the Allen Dome salt dome is nearing planned total depth of 850ft.

The company believes the well has the potential to add a further 20 barrels of oil per day to its Allen Dome production.

A small seismic shoot is planned over the caprock before drilling Titan Poole #C-2, the next Cap Rock well, which is similar in characteristics to the current well.

Additionally, the company’s recent 3D seismic survey identified potential targets at depths of 3,000ft at Perry Ranch project located on the eastern side of Allen Dome, while negotiations are currently underway to hire a suitable rig to test the prospect.

Titan Energy’s wholly-owned US subsidiary chairman John McKnight said, "We really like what we have seen in the 3D data, with a number of promising looking prospects in a range of zones."

"We are really looking forward to drilling in this area which has never been adequately tested with the drill bit," McKnight added.

The company also signed a $1m unsecured loan agreement with a private company controlled by its director Paul Garner, on arms-length commercial terms.

The loan, which is set at an interest rate of 8% for one year, will be available for draw-down to allow the company to fast-track its exploration drilling activities in the US.