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Maverick Drilling and Exploration spuds first well on new Texas prospect

Published: 16:30 12 Sep 2012 AEST

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Maverick Drilling and Exploration (ASX: MAD) has spudded the first well on its Edwards Reef Prospect in Texas that targets the prolific Edwards Central Texas Reef Trend.

Long Branch-55 is the first of a number of tests that Maverick plans to drill on Edwards Reef.

Maverick has a 100% working interest in Edwards Reef, which covers 2,238 net acres and is unrelated to the company’s development stage Blue Ridge, Boling and Nash assets.

Edwards Reef is located close to the Thrall oil field and is believed to be analogous to the nearby Salt Flat oil field in Caldwell County.

Other Edwards formation fields include the deeper gas prone Word Field in Lavaca County.

Maverick has so far spent US$700,000 on leasing, seismic and title work and expects the cost of drilling an unsuccessful well at less than US$150,000 due to the use of its own drilling rig and crew.

 

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