Red Fork Energy (ASX: RFE) has reported that the next well in the ongoing development of its 100% owned and operated West Tulsa conventional oil and gas project has successfully intersected the Red Fork Sand formation.
The Moebius #2-28 well intersected the Red Fork Sand, a formation which is already being successfully exploited at West Tulsa in Oklahoma, at a depth of approximately 3,100 feet.
This well is a significant step-out to the nearest off-setting well, which is located approximately 2,700 feet to the south east.
Sample description and log analysis has highlighted oil bearing pay of approximately 40 feet in this zone. Log analysis indicates that this productive interval in this latest well is as strongly developed as the same interval in offsetting wells already producing at the project.
The well is currently drilling ahead at approximately 4,200 on its way to its target depth of 6,000 feet, where it will test for further hydrocarbon bearing formations below the Red Fork sand, including the Arbuckle formation.
David Prentice, managing director, said the confirmation of productive Red Fork Sand in this well "further extends what is already a significant conventional oil and gas discovery at West Tulsa, adding a number of new drilling locations, expanding the oil and gas reserves and kicking off phase two of the development of the project."
The company said this second phase of development is proceeding within this 12,000 acre prospect, with the establishment of a second central delivery point for oil, gas and water disposal facilities.
With the completion of this well, Red Fork will have a total of nine wells drilled and five producing at West Tulsa with significant permanent oil and gas facilities established.
Red Fork expects to continue with the aggressive development of its successful West Tulsa project, with the next well expected to spud immediately following the completion of operations on the Moebius #2-28 well.
Ongoing development will be funded from existing working capital and cash flow.