Titan Energy increases Allen Dome oil fields acreage in US
Australia-based oil and gas company Titan Energy has further increased its acreage holding on the eastern side of the Allen Dome oil field in Texas, US.
The company has acquired 100% working interest in 302 acres on the eastern side of the oil producing salt dome area.
The company earlier brought JT Reese #S2 oil and gas discovery on the Northern flank of the Dome into production and has succeeded in increasing oil production from a workover program at Allen Dome.
Titan Energy US managing partner John McKnight said Allen Dome is a proven oil producing area with a potential to grow further and is an important cash earning asset for the company.
"Indications are that the eastern flank may offer an opportunity to target the thick sand seen in the recent JT Reese #S2 well on the northern flank of the field," McKnight added.
"We believe the knowledge we have obtained from our work at Allen Dome to date will be invaluable in identifying priority drill targets in this lightly explored area of the Dome.
"The shallower zones, where we have good success on the Northern flank, have never been targeted previously on the Eastern flank and we believe that provides us with significant potential to find a 'fairway' of shallow oil sands and to then exploit it with a multi-well drilling programme."
The company is targeting to drill its first well into the eastern flank of the Allen Dome by the final quarter of 2013.
So far, the company has a combined 903+ acres on the northern, southern and eastern sides of the Allen Dome.