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Winchester Energy Ltd (ASX:WEL) has secured operatorship and an 87.5% working interest in the Thomas 119-1H well in Nolan County, Texas.
Winchester Energy Ltd's (ASX:WEL) shares last traded at $0.12, or close to double their valuation two months ago.
Winchester Energy Limited will participate with a 50% working interest (WI) in a new well (White Hat 38#2) on the White Hat ranch oil lease. White Hat 38#2 was spud yesterday and becomes the seventh vertical well on the White Hat ranch oil lease. The White Hat 38#2 vertical well is located 1,470 feet directly east of the White Hat 38#1 vertical well and 2,200 feet north-east of the recent commercially successful White Hat 21#4 vertical well.
Winchester Energy Ltd (ASX:WEL) has commenced oil production from the White Hat 21#4 well in Nolan County, Texas and is recovering 170 to 200 barrels of fluid per day. Most importantly, oil rates have progressively increased each day of production as the well cleans up. On 31 July 2016 the well produced 145 barrels of oil and 30 barrels of water. The White Hat 21#4 well is the first of the 5 oil wells in the White Hat Oil Field where Winchester completed 3D seismic studies prior to the selection of the drilling location.
The White Hat 21#4 vertical well reached a total depth (TD) of 7,042 feet after drilling through the Ellenburger target zones. Oil and gas shows and wireline log interpretation indicate two oil bearing zones of comparable thickness and quality to those in the White Hat 21#1 well, the best producing oil well in the field to date. Substantial drilling fluid losses while drilling the main target zone also suggest appreciable formation permeability.
Winchester Energy Limited has been informed by Carl E Gungoll Exploration LLC ( CEGX ), the Operator of the existing 4 vertical wells on the White Hat ranch lease, that the fifth vertical well, White Hat 2 1#4 , spudded on 9 June 2016 and is presently drilling ahead at a depth of 3,407 feet. White Hat 21#4 is located approximately 1,200 feet (366 meters) to the east of White Hat 21#1. The primary target in the White Hat 21#4 well is oil in the Ellenburger Formation.