Here is the latest word on the East Lost Hills well being drilled by Kookaburra Resources, Hilton Petroleum, Berkley Petroleum, Elk Point Resources, etc... in a press release dated September 18th, 1998, by PYR Energy, a very quiet 10% partner in this well:
"At East Lost Hills, the Company's Mastiff prospect well continues to drill ahead toward an anticipated total depth of approximately 19,000 feet. The well was side-tracked in an attempt to gain better structural position and delineate potential uphole pay. The well is expected to reach total depth in the next 30 to 45 days."
This is a very interesting announcement, and the first public news on this play since the encouraging words in the Westminster release of August 20th.
It is known that the well drilled into the Temblor formation and oil shows were seen. The group would not have spent the significant extra funds to side-track, if the information they got on the original vertical leg was not very good.
The press release says that they are trying to "gain better structural position", which suggests that they are pleased enough with initial results to spend a lot more money to side-track and go after the entire 1.2-2.5 billion recoverable barrels that they believe exist here.
This one is getting very exciting.
Kookaburra (KOB-TSE) closed on Friday at $0.395, up 16% from a $0.32 open, with all gains late in the day. |
