Drilling halted at East Chalkley
Energi ; US-focused Target Energy said the planned drilling of the Pine Pasture-3 well at the East Chalkley oilfield, Louisiana, would be delayed until operator Magnum Hunter Resources completes its sale of its interest in the field.
Upstream staff 15 November 2010 05:37 GMT
Magnum’s decision to delay the drilling was not welcomed by Target with managing director Laurence Roe saying the decision not to drill as scheduled came “very late in the process.”
All preparations for the drilling of the well had been completed and Target was waiting for the rig to mobilise to the site when Mangum announced its decision to delay the well.
“Target will now review whether it wishes to increase its interest in the field and will otherwise pursue options to accelerate activity in the field,” Roe said.
“Frankly we believe this is a very good asset, but we can only unlock its value by getting on with the drilling – something Target has been advocating for some time.”
Roe added the company was at an advanced stage in discussions to participate in a new project in South Texas which it would act as operator and have control over the extent and timing of the work program.
Target has a 35% working interest in the East Chalkley field.