Titan buys into Louisiana prospect

Off and running: Titan Energy has acquired a 50% stake in the Greathouse prospect, Louisiana, with drilling plans and farm-out discussions already underway

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Danica Newnham

 02 August 2012 04:29 GMT

Australian junior Titan Energy has acquired a stake in the ready-to-drill Greathouse prospect in Louisiana, US.

The company announced that it has paid $48,759 in lease costs for a 50% interest in the 110 acre exploration area within the South Lake Charles oil and gas field, and also has an option over a further 173 acres.

Titan will pay its proportionate share of the cost of drilling a well into the prospect on a ground floor basis.

The proposed well will be a re-drill of the Jordan Schultz-1 well, which was drilled in 2007, but technical issues had prevented it from testing key objectives.

It has an estimated dry hole…

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