The Netherlands: Chevron’s Well Gets Tight Hole Designation

Xtract Energy today announced that the P2-10 well is currently being drilled by Chevron using the Noble Byron Welliver jack-up drilling rig and is now designated as “tight hole” in order to protect their proprietary technology being used to drill the well .

“Tight hole” designation means that information regarding specific activity and progress is strictly confidential to the working interest partners.

“At the time of writing, this well is still being drilled and we anticipate that the results of the well will be known in the summer of 2012. If the well proves to be commercially successful, Xtract management believe that exploitation of the asset could potentially be achieved relatively quickly, due to the proximity of existing infrastructure,” said Xtract in a press release.

Xtract Energy, through its wholly owned subsidiary Elko Energy, currently holds an overriding royalty agreement with Chevron and TAQA over their respective 48% and 12% working interests in the Dutch North Sea offshore Blocks P1 and P2.

[mappress]
Offshore Energy Today Staff, April 16, 2012