DALLAS, Oct. 27 /PRNewswire-FirstCall/ -- International TME Resources Inc. (ITME) announces that the first well of a 13 well program on the PEL 115 permit, the Hornet No. 1, has been completed in the Permian as a natural gas discovery. The pay zone, in the Patchawarra formation, is 100 feet thick and encountered high gas flow rates during drilling. 7-inch production casing was set through the total section. This well is located on a separate structure on the PEL 115 permit and is considered a gas discovery. Production testing of the well is to begin in November. Development drilling is planned to test the structure.
The Ventura No. 1 has been completed in the Jurassic as a new oil discovery. This is the second well in the program. Oil was encountered in two zones and tests indicate production rates in excess of 340 B.O.P.D. 7-inch production casing was set through the McKinlay/Namur oil column. Production testing of this well is planned for November. Development drilling is planned to test the areal extent of this new field, which is located on a separate structure.
Drilling has started on the Canberra No. 1, the third well of the program. It is believed that the Canberra-1 could be a major oil and gas well with potential of up to 160 billion cubic feet of gas and 6.4 million barrels of oil. This well could prove up very substantial oil and gas reserves on the permit. The permit may contain the largest oil and gas reserves in South Australia, apart from Santos and its partners. The prospect is a pure stratigraphic trap and the risk associated with this type of prospect is mitigated by the ''spectral anomaly feature,'' which highlighted the play.
The PEL 115 contains 273,297 acres, which is divided into six separate parcels. The parcels contain more that 30 leads and prospects with oil and gas potential.
The PEL 115 permit is located in close proximity to infrastructure such as gathering lines and trucking facilities. The Operator for the permit is Victoria Petroleum N. L.
TME owns a fifteen (15%) percent carried interest in a joint venture, which owns a royalty interest in the entire 273,297 acre permit.
TME onshore royalty holdings now total 3,968,304 acres. Offshore royalty holdings total 214,896 acres. The total royalty and working interest holdings for all of Australia now total 4,183,200 acres.
For the Board SYMBOL: ITME WEB: http://www.tmeresources.com/ Allen White, President
This document contains forward-looking statements within the meaning of Section 21 E of the Securities and Exchange Act of 1934, as amended. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, actual results may differ for reasons that include but are not limited to political and economic conditions in the countries in which the Company does or intends to do business, regulatory action, product pricing and competitive market conditions. These forward-looking statements represent the Company''s best judgement at the date of this document and any changes in assumptions or external factors could produce significantly different results.
International TME Resources Inc.
The Ventura No. 1 has been completed in the Jurassic as a new oil discovery. This is the second well in the program. Oil was encountered in two zones and tests indicate production rates in excess of 340 B.O.P.D. 7-inch production casing was set through the McKinlay/Namur oil column. Production testing of this well is planned for November. Development drilling is planned to test the areal extent of this new field, which is located on a separate structure.
Drilling has started on the Canberra No. 1, the third well of the program. It is believed that the Canberra-1 could be a major oil and gas well with potential of up to 160 billion cubic feet of gas and 6.4 million barrels of oil. This well could prove up very substantial oil and gas reserves on the permit. The permit may contain the largest oil and gas reserves in South Australia, apart from Santos and its partners. The prospect is a pure stratigraphic trap and the risk associated with this type of prospect is mitigated by the ''spectral anomaly feature,'' which highlighted the play.
The PEL 115 contains 273,297 acres, which is divided into six separate parcels. The parcels contain more that 30 leads and prospects with oil and gas potential.
The PEL 115 permit is located in close proximity to infrastructure such as gathering lines and trucking facilities. The Operator for the permit is Victoria Petroleum N. L.
TME owns a fifteen (15%) percent carried interest in a joint venture, which owns a royalty interest in the entire 273,297 acre permit.
TME onshore royalty holdings now total 3,968,304 acres. Offshore royalty holdings total 214,896 acres. The total royalty and working interest holdings for all of Australia now total 4,183,200 acres.
For the Board SYMBOL: ITME WEB: http://www.tmeresources.com/ Allen White, President
This document contains forward-looking statements within the meaning of Section 21 E of the Securities and Exchange Act of 1934, as amended. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, actual results may differ for reasons that include but are not limited to political and economic conditions in the countries in which the Company does or intends to do business, regulatory action, product pricing and competitive market conditions. These forward-looking statements represent the Company''s best judgement at the date of this document and any changes in assumptions or external factors could produce significantly different results.
International TME Resources Inc.