Galilee Energy has confirmed plans to drill a well at the Hoffer Prospect in Texas.
The Hoffer B well was spud on January 6 and will now be drilled to a total depth of 4,430metres.
This is expected to take between 40 to 60 days.
The well’s primary target is in the Lower Wilcox formation with a 3.6 sq km structural closure and it has been designed to test a number of secondary targets in the middle Wilcox.
The Wilcox reservoirs are proven and prolific producers in the region and so the well is targeting liquids rich natural gas.
Successful testing of the target will result in immediate follow up of development wells and rapid commercialisation with an existing pipeline infrastructure located approximately 500m from the well.
Peter Lansom, managing director, said: “We expect our total exposure including our entry cost to be less than $1.5million, yet we are testing a material prospect which if successful will deliver a significant cashflow stream to Galilee within months.”
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