Our oil & gas projects
Gary Heirs nr 3
The well was completed in mid-September and produced 25 barrels of oil per hour, or 600 barrels per day during production test. The well is currently closed and we are waiting for the operator to carry out the work to eliminate water production. This will be done by cementing the previous perforation and only open up to the oil producing formation. This work would have already been done, but will now only take place during the month of June. When the water problem is resolved, we expect to further 9 wells to be drilled when the reserves in the field are expected to be between 2 to 4 million barrels of oil. Each well is estimated to contain 300-400 million barrels of oil. We have only used the three wells in the financial report.
Taylor nr 1
Taylor No. 1 well, located in Matagorda County, Texas, southwest of Houston. The well was put into production in February 2015, and produces approximately 20 barrels of oil and 150 barrels of water per day. The well contains more than 300,000 barrels of oil and will produce for a very long time.