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Helios Energy

Helios Energy confirms thick presence of Ojinga Formation at oil project in Texas

The decision to focus resources on its new oil discovery in the lower interval of the Ojinaga Formation resulted in the decision to obtain additional 2D seismic.

Activity at Presidio Oil Project in Texas
The company plans to spud its third well during April 2019

Helios Energy Ltd (ASX:HE8) has established a thick presence of Austin Chalk age equivalent Ojinaga Formation across its entire acreage position of 68,985 gross acres at the Presidio Oil Project in Texas.

This has been confirmed after the company acquired, processed and interpreted a further 14 miles of new 2D seismic and re-processed and interpreted 74 miles of existing 2D seismic, which was previously acquired by a major oil company in the 1980s.

The thickness of the Ojinaga Formation ranges from 1,000 feet in the eastern section of Helios’ acreage to 2,000 feet in the western section.

Helios licensed 74 miles of 2D seismic in late 2018 with initial interpretation from re-processing of the data now complete.

New seismic program

Prior to December 2018, Helios had shot, processed and interpreted 17 miles of 2D seismic and 2 square miles of 3D seismic across the Presidio project.

The company’s 3D seismic program was acquired over 2 square miles covering the Quinn Creek 141 well and the Quinn Mesa 113 well and the area in between the two wells.

The 17 miles of new 2D seismic was acquired over the northern section of the project in close proximity to the Quinn Creek 141 and Quinn Mesa 113 wells.

A decision to focus resources on its new discovery in the lower interval of the Ojinaga Formation resulted in the company's decision to acquire additional 2D seismic.

Additional seismic acquisitions

Beginning in December 2018, a further 14 miles of new 2D seismic was acquired in locations to the south of the Quinn Creek 141 and Quinn Mesa 113 wells.

In addition, in late 2018, Helios licensed 74 miles of 2D seismic acquired by a major oil company in the 1980s and which covers acreage within the Ojinaga Shale Formation play area, but which is unleased by Helios.

This 88-mile 2D seismic program has established a thick presence of Ojinaga Formation across the entire Ojinaga Shale Formation play area, which is about 200,000 acres in size.

Next steps

Helios will continue to integrate the geological and geophysical data with the aim of high grading multiple well locations that target the Ojinaga Formation, the Eagle Ford Formation as well as older Cretaceous units, being the Buda, Georgetown and Edwards limestone formations.

The company will continue to integrate geological and geophysical data with the aim of high-grading multiple well locations targeting the Ojinga Formation, the Eagle Ford Formation as well as the older Cretaceous units, being the Buda, Georgetown and Edwards limestone formations.

Quick facts: Helios Energy

Price: $0.18

Market: ASX
Market Cap: $221.7 m
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