Winchester Energy Zooms On Glimpse Of Oil Prospects in Target Strawn Formation

  • Mar 26, 2019 AEDT
  • Team Kalkine
Winchester Energy Zooms On Glimpse Of Oil Prospects in Target Strawn Formation

Winchester Energy Limited (ASX: WEL) is an Australian incorporated oil and gas company. It has got its operations situated in Texas. The Company has established initial oil production on large leasehold position on the Permian Basin. The Permian basin is considered as one of the largest oil producing basin in the USA.

The company, today on 26 March 2019, has reported that it is currently drilling ahead at 6,020 feet in the White Hat 20#3 well, in which the company has 75% Working Interest (WI), with an ultimate objective of targeting the Mustang Prospect.

As per the report, the White Hat is a Three Dimensional seismically defined step out well of the initial ‘discovery’ well, White Hat 20#2. The primary target, the upper Strawn Sand (Fry), was reported at 5,920 feet by the wellsite geologist, 20 feet higher than the prognosis. Good to excellent oil and gas shows were observed, and the visual porosity is very encouraging, which has been estimated between 10–12% with intervals as high as 18%. At 35–45 net feet, the thickness of the sand appears to be at the upper end of the predicted range. The well was still in Strawn Sand at 6,000 feet.

The team has encountered, fair and good oil shows in the Strawn Lime, a secondary target between 5,770 ft and 5,910 ft, 50 feet high to the nearby producing White Hat 20#2. The shows were observed with good fluorescence and cut in limestones with thin interbeds of dark organic, laminated shale. These shows follow oil and gas shows found in the Three Fingers organic shale (5,550 – 5,610 ft), which were announced yesterday on the 25th March 2019.

The White Hat 20#3 well is drilling ahead at 6,020 feet and is expected to drill through additional lower Strawn sands before logging at 6,450 feet. It is projected that White Hat will reach a total depthness of 6,870 ft. in the Ellenburger roughly in 3 - 4 days. CEGX (Carl E Gungoll Exploration LLC), is contributing for a 1/4th working interest in the drilling. The subject well represents the first well in a crucial approaching exploration drilling drive.

On the price-performance front, the stock has posted the YTD return of 10%. The company also has posted returns of 8.33% over the past six months. At the time of writing (26 March 2019 AEST 02:45 PM), the stock of the company is trading at a price of A$ 0.028, up by 27.273% during the day’s trade with a market capitalisation of ~A$ 7.21 Mn. The stock opened the day at A$ 0.020 reached the intraday high of $ 0.029 and touched an intraday low of $ 0.020, with an average daily volume of more than 2,381,539. It had a 52-week high price of $ 0.051 and a 52 weeks low price of $ 0.012, with an average volume of, 73,199 approximately.


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