Discoveries | Seismic | Exploration & Appraisals
Relentless Resources Proves Medium-Gravity Oil Presence on Land
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Relentless Resources Ltd. has announced that the 16-6-27-9 W4M new pool wildcat well has been drilled and cased to 1070 meters total vertical depth.
The well was drilled prior to the July 22, 2015 Crown land sale, where the offsetting section of petroleum and natural gas rights, Section 5-27-9 W4M, was acquired by Relentless at 100% working interest.
The 16-6-27-9 W4 well logs have encountered oil pay in both the Detrital and Glauconite formations. The Glauconite zone appears to be an extension of the Heathdale Upper Mannville J Pool, where Relentless has 3 producing horizontal and 3 producing vertical wells. This extension further validates the three dimensional seismic model which indicates that this pool extends over 5 sections of 100% Relentless operated working interest lands.
President Ron Peshke states: "What was a single, low decline, Glauconite oil well 12 months ago, has now been expanded into a significant, low risk, medium gravity, oil pool. Relentless has identified, land captured, de-risked and developed this conventional oil pool providing Relentless shareholders with substantial medium gravity oil upside."
Overview:
- 4 sections with 100% WI, farm-in on another 4.5 sections
- ~25 or more Manville Oil drilling locations
- Current IP30's of 160 BOPD
- Conventional decline rate
- 18 additional HZ wells planned
- 14% IRR at $40/bbl
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