Torchlight Energy Resources Inc. (TRCH:NASDAQ) completed drilling its A11 #2 well at its Orogrande Basin project, it announced in a news release.
A11 #2 was drilled to a vertical depth of 4,009 feet and then cased. Prior to casing, well logs and core samples were taken and are being analyzed. By the time they are fully evaluated preliminarily, they will likely confirm the existence of four additional Wolfcamp intervals.
"Electric logs show excellent hydrocarbon potential in multiple intervals with the presence of both oil and gas," noted the company. "These intervals represent potentially economical conventional (vertical) and unconventional (horizontal) formations." The main targeted zone, a Wolfcamp unconventional, seems to be 190 feet thick between 3,800 and 3,990 feet down.
Torchlight noted that it will complete the 190-foot interval using the most up-to-date well stimulation technology to show the viability of movable hydrocarbons. Successful completion of intervals is expected to confirm both vertical and horizontal development potential.
The drill rig will be moved to Torchlight's next well, University Hueco A39 #1. Drilling of it, slated to start after the Thanksgiving holiday, will test two shallower zones down to 3,200 feet. The company noted it will also drill below 3,200 feet to test for additional Wolfcamp intervals encountered in the Rich A11 #2 well.
"We are excited to have indications of hydrocarbons on the A11 #2 and are ready to further our development thesis with the targets on the Hueco A39 #1," CEO John Brda said in the release. "The results we are finding prove viability for much larger developmental undertaking and will accelerate our ongoing discussions with larger independents who have expressed interest in the project as a partner or acquirer."
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