Burleson Energy (ASX: BUR) will soon discover the production capacity of the first horizontal development well in the Heintschel gas condensate field, Texas.
Drilling of the Truchard-2H horizontal section has been completed and casing is currently being set.
A six stage fracture stimulation is booked for 17 October.
Once this is completed, the well will then be brought on wet gas and condensate production after an initial clean-up period.
Independent analysis by Integrated Petroleum Consultants indicates that Truchard-2H should have cumulative production of 7 billion cubic feet of liquids-rich gas and 200,000 barrels of condensate over a 10 year life.
This will deliver US$53 million in revenue over the term of the well’s life.
If successful, Truchard-2H will also pave the way for full development of the Heintschel gas-condensate field, which Burleson anticipates will be financed through a combination of project debt, farm-out and possible corporate joint venture.
Burleson has a 50% working interest (39.2% net revenue interest) and 1.13% over-riding royalty interest in the Truchard-2H well and Truchard unit.
The other partners are operator AKG Energy with 13.5%, Mogal Oil and Gas with 30% and other U.S. parties holding 6.5%.
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