Source: Streetwise Reports 01/07/2019
The energy firm explained how drilling will proceed.
Torchlight Energy Resources Inc. (TRCH:NASDAQ) started drilling the University Maverick A24 #1 well in the Orogrande Basin, it announced in a news release. The driller is Wolfbone Properties, and the operator is Maverick Operating.
The purpose of drilling the A24 #1 well is to vertically test Torchlight geologist Rich Masterson’s theory that a structural high, or four-way, trap could exist, which if present, would translate to excellent pay opportunities in the deeper, conventional zones.
If the theory bears out, once unconformity is reached at the height of the Penn silt, drilling will continue through it, “down into potential conventional zones deeper than the Penn Formation,” the release noted. In that case, the well could be drilled to an estimated depth of as much as 7,500 feet.
If the theory does not hold up, in other words A24 #1 proves to not be structurally high, drilling will be completed in the Penn section, “providing for completion potential in that formation and shallower Wolfcamp zones,” according to the release.
While A24 #1 is being drilled, Torchlight will also begin testing the previously drilled A39 #1 and A11 #2 wells, both of which showed “excellent oil zones,” the release noted.
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