Buccaneer Energy (ASX: BCC) has updated progress at its Lee County project in Texas with strong oil and gas shows.
The Vick # 2 well is currently at 5,800 feet and anticipated total depth is approximately 6,100 feet. The well entered the Lower Austin Chalk (LAC) at approximately 5,690 feet as anticipated and is still drilling in the LAC at present.
The Eagleford Formation is directly below the LAC. The well started having strong gas shows, with heavy gases, from 5,400 feet. The maximum gas readings recorded have been 2900 units.
The well also had oil shows (36 degree API) and approximately ¼” of oil accumulated on top of the mud pits. Oil and gas shows of this type have continued to the current depth.
The company said the oil and gas shows at this point are stronger than those at the Vick # 1 well at all depths.
Buccaneer anticipates the well to reach total depth in the next 24 hours at which time wire-line logs will be run.
Dean Gallegos, director, said the objective is to further study the oil production potential of the Eagleford Shale for future drilling and testing as well as to refine our Vick # 2 horizontal target drilling in the LAC.
The Vick # 2 horizontal drilling operations in the “high graded” LAC interval will then commence.
The participants in the Lee County project are Buccaneer Resources 52.50%, Sandstone Energy 38.75% and Megashine International Ltd 8.75%.