Archer will not complete first well at Bull prospect
August 3rd, 2010
Mr. Victor Barcot reports
ARCHER PETROLEUM CORP.: WESTERN CANADIAN SEDIMENTARY BASIN UPDATE
Archer Petroleum Corp. has provided the following operational update.
Alberta
Archer Petroleum has been advised by the operator, South Bay Resources, and provides the following update on its Western Canadian sedimentary basin project, situated in Alberta.
South Bay, as the operator, advises regarding its Bull prospect that the initial test well that the company participated in, the SBRES Elnora 13-15 well, reached a total depth of 2,200 metres and encountered the target formations on depth, however the formation porosities were lower than expected and did not warrant a completion attempt, although a minor oil show was reported.
The well encountered approximately three metres of producible natural gas pay, however reserve estimates indicated that a pipeline connection would be proven uneconomic. The operator is presently evaluating seismic data prior to spudding the next well on the high-potential Radway prospect in the near future.
The company owns a 35-per-cent interest in approximately 13,440 acres (and an option on an additional 5,960 acres) of high-impact shallow oil reef prospects at depths of less than 2,500 metres.
We seek Safe Harbor.