Still rolling: in Saskatchewan
Molopo keeps Canada bit spinning
Australian junior Molopo Energy has extended its drilling plans on the Bakken and Spearfish shale oil shale projects in Saskatchewan after good results from initial appraisal work.
Molopo said in a release today it had struck oil in three new vertical wells as well as five new horizontal laterals. It said two further vertical tests plus two more laterals would be drilled on the 45,000-acre play.
Work is expected to be wrapped up in April, with full results from the drilling expected in the course of the second quarter of 2010.
Existing estimates put oil in place at the Spearfish project at about 280 million barrels, with typical recovery rates at between 5% and 15%.
On the Spearfish project, Molopo said it had found oil in five vertical wells and two horizontal laterals sunk so far, and said it would now drill a total of seven vertical and seven horizontal wells.
The work is also expected to be finished during April this year.
Molopo holds a stake in up to 10,000 acres on the Spearfish play, which is thought to hold up to 100 million barrels of oil in place.