Otis Energy (ASX: OTE) has acquired a 10% working interest in the potential 126 million barrels of oil and 379 billion cubic feet of gas reserve Avalanche 3D project, located in South Central Louisiana, U.S.
Otis Energy (ASX: OTE) has spudded the second well at its Catahoula Lake project in Louisiana that targets multiple stacked sands in the Middle Wilcox formation.
The SL 20846-1 well is the second of up to 8 wells to be drilled from the company’s jointly owned barge rig between now and 30 June 2012.
Successful wells will be completed and tied into Otis’ existing production facilities.
The first well, SL20849-1, had intersected just 7 feet (2.1 metres) of net productive sand, which the company said was likely to be sub-economic if completed.
However, this had allowed it to identify a more prospective updip target that could potentially be drilled next year.
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