NEW multi TCF well to be drilled come xmas

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    Announcement to ASX 28 October 2020
    Construction begins on all-weather drill pad for Borba 1-7 gas well
    • Construction of all-weather drilling location and future production base commencing this week
    • Drilling expected to commence in 2020
    • 3 km access roadwork was completed for the Borba 1-7 Natural Gas well earlier in 2020
    • High capacity rig selected and available at short notice to mobilise
    • Significant interest from potential partners to participate and fund Borba drilling
    Sacgasco Limited (ASX: SGC) (“Sacgasco” or “the Company”) is pleased to announce that construction of the
    all-weather drilling-pad and future production-base for the Borba 1-7 conventional natural gas well will
    commence this week. Highly experienced local contractor, NOR CAL Construction will build the pad which is
    expected to take around 10 days. The pad will measure approximately 300 feet by 175 feet and will sit some 16
    inches above field level.
    Fig. 1: Borba 1-7 Well Pad Site
    Sacgasco Limited
    2 | Page
    The Borba 1-7 well will be drilled to test multiple stacked 3D seismic anomalies in the interval from 3,200 feet
    (975 metres) to 9,500 feet (2,800 metres) depth and finish in Basement rocks. The prospective interval covers
    around 6,300 feet (1,920 metres).
    The well will be drilled with a small directional component to optimise the intersection of more than 10 separate
    seismic anomalies on 3D seismic. The well is expected to take some 25 to 35 days to drill and operations are
    expected to commence this calendar year.
    Sacgasco is planning to commence drilling the Borba 1-7 well as soon as final preparation for drilling is completed
    and additional leasing is documented. The well is already fully permitted with the State and local authorities.
    At the shallow Kione Formation the Borba well will test a strong seismic anomaly separated from the sandstones
    that were productive at this level in the nearby West Ord Bend Gas Field. Production has also been encountered
    in the Borba vicinity from other shallower sand reservoirs.
    At around 5,600 feet (1,700 metres) the well is projected to be in a mapped structural closure 140 feet (43
    metres) up-dip from a 1998 well which encountered multiple zones over a 570 feet (175 metres) interval of high
    gas shows and porosity. These shows were not flow tested at the time, but these sands intervals have been
    productive in the local area.
    Deeper seismic anomalies are interpreted to indicate sand reservoir development and natural gas shows are
    expected. Sacgasco has also previously found the basement to be fractured and gas productive.
    The well will be drilled with the largest capacity rig in the area and will require a 10,000 psi rated control stack
    on the 9 5/8” casing below 6,000 feet. The well will have 3 strings of protective pipe.
    Sacgasco’s Managing Director Gary Jeffery commented:
    “Sacgasco has progressed drilling preparation for the exciting, proof-of-concept Borba well with the construction
    of this all-weather pad commencing this week. Borba is an exciting and highly prospective conventional natural
    gas play and we have undertaken a huge amount of work to define what we firmly believe to be the prime drill
    location. As well, third party interest is building, and we are assessing several potential farm-in offers and other
    proposals that will ensure we are fully funded to capitalise on this enticing investment.
    The Borba well is the logical next step in evaluating the world class potential of the older sediments in the
    Sacramento Basin. Investors and shareholders are reminded of the similarities between our Sacramento Basin
    opportunities and the recent success achieved in the older and much deeper sediments of the Perth Basin. (Refer
    Fig. 3.)
    I do not need to remind shareholders of the of the unsatiated 7 Bcf/day gas market in California which imports
    over 90% of its Natural Gas from Canada and other US states.
    Natural Gas in California continues to realize premium prices which has made Borba even more valuable. Since
    July 2020, these prices have ranged from 120% to 270% of the US benchmark Henry Hub natural gas prices and
    are currently over US$4.00 per mcf (Refer to Fig.2 below.)
    We will keep shareholders informed of progress as well as other opportunistic initiatives we are considering.

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    expect a CR very soon...for sgc and xst ... and maybe a surprise?? imo dyor

  3. 268

    1st Group, ticker code 1st is PUMPING HARD TODAY

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    must be news soon??

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    oil deal ..3.5 cent raise?? dyor

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    still will need more CR into borba imo..

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    $2 mill at 3.5 rumor mill

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    average oil deal mkt wants borba..imo

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    wont drill till next year imo

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