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World Oil Resources targets oil production from mature oil field in Kansas

World Oil Resources targets oil production from mature oil field in Kansas

World Oil Resources (ASX:WLR) and its joint venture partner CMX have commenced drilling the vertical #1-1 Krehbiel Trust well at the Welch-Bornholdt Wherry Project, located in Kansas USA.

The planned depth of the well is 3,450 feet and drilling is expected to take seven to ten days.

The Welch-Bornholdt and Wherry Oil Fields are a mature, developed and mostly abandoned crude oil accumulation, located around 200 kilometres from the Klick East Oil Field in Oklahoma.

Around 1,400 vertical wells have been drilled over more than 60 years on the fields, and aggregate production totals 46 million barrels of mainly high quality sweet crude oil.

WLR and CMX have established 50-50 joint venture across 15,000 acres, which includes the well presently being drilled, mainly in the Mississippian age carbonate rock formation that is up to 10 metres thick.

The two companies currently produce from this formation at the Klick Project, adding to the Krehbiel well's chances of success.

Notably, the Welch-Bornholdt and Wherry Oil Fields are positioned just 30 kilometres by road from a refinery at the city of McPherson.

Capitalised at just $2.5 million and with a 50% interest, downside appears limited.

 

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