SYDNEY: Fremont Petroleum Corporation has advise that the Amerigo Vespucci #1 well has been successfully drilled and has reached its target measured depth of 1,822 metres. The independent mud-logging company has reported evidence of strong oil and gas shows in the drill cuttings throughout the bottom 1,000ft of the production section of this well. [the_ad id=”32940″]The Company’s management and technical teams are now thoroughly reviewing these logs and will report the findings when this assessment is complete. The operations team is now tripping out of the hole and logging operations are scheduled within 24 hours.
Following logging, an extensive geophysical and petrophysical analysis will be completed. This analysis identifies the most prolific zones for hydraulic stimulation and completion. Completion works are scheduled to commence later this week.
The Amerigo Vespucci #1 well is being drilled as a vertical well and is targeting production from the B and C Benches of the Niobrara Formation, the same formation that yielded favourable oil & gas flow rates from the recently completed J.W. Powell 23-23 well. The Company is very encouraged by these oil and gas shows and looks forward to progressing this well through completion. All material updates will be reported as they come to hand.