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LIVE

Sunday, 20 July, 2008, 20:40 GMT | more prices >>

Red Fork at the ready in Oklahoma

By Upstream staff

Australia-listed Red Fork Energy has moved equipment on location ahead of tomorrow's spudding of the Redfork-3-29 well at the 100%-owned Osage project in Oklahoma.

The well will be drilled to a total depth of about1500 feet and will test all potential pay zones, including all of the known coals, Red Fork said.

The well is expected to reach total depth early next week after which the company will complete a full suite of logs.

Red Fork has contracted to drill a further three wells during this month and into early January.

Drilling of these three wells, Redfork-5-29, Redfork-1-20 and Redfork-1-18, will start as soon as Redfork-3-29 is done.

Red Fork has also reached agreement with one of its preferred drilling contractors on its drilling schedule for the first quarter of 2008.

The company is looking to develop its lease holdings with staged programmes of between six and 10 wells to be drilled and completed next year, with the first of these programmes expected to be completed during the first quarter.