Bankers Petroleum Ltd. has announced that its wholly owned subsidiary Bankers Petroleum (US) Inc., has spudded its first appraisal well, the Misener #1, in the Palo Duro Basin, Texas. Located approximately 4.5 miles northeast of Floydada, Floyd County, the Misener #1 is a vertical well permitted to a total depth of 10,500 feet.
The Misener #1 is the first well in a planned 5-well appraisal program targeting the Lower Pennsylvanian Group of Sands and Shales at depths of approximately 8,900 to 9,600 feet, as well as secondary targets including the San Andres, Clear Fork, Wolfcamp, Upper Pennsylvanian, Strawn and Morrow formations.
The Company has a minimum 95 percent working interest in the Misener #1 well which is being drilled using a double rig under a one-well 60-day contract. Drilling, coring, logging and casing of the Misener #1 are anticipated to take approximately 35-40 days from spud date. The Company's 5-well appraisal program is designed to determine the commercial viability of the Lower Pennsylvanian Group of Sands and Shales in various parts of the Palo Duro Basin; maximize technical knowledge and requirements for future planning; and evaluate potential secondary targets.
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