Artisan Energy Corp. (TSXV: AEC.V) updated two of its exploration farm-outs, first detailed Dec. 30, on Jan. 16. The farm-outs are in the Wilrich sandstone in central Alberta, and the Conrad property in the province’s southeast. They have both yielded results for the company, Artisan said.
A third party has a 60% working interest in 640 acres, where the 1-20-52-7W5 Wilrich test well is located, the company said. The vertical well is at the Tomahawk property in the Wilrich sandstone. The vertical well yielded a “substantial” gas pool underlying much of the 11,840 net acres owned by the Artisan, the company said.
Based on the results from 1-20-52-7W5 Wilrich, the company revised initial productivity expectations for a separate, 1,400 meter horizontal well, Artisan said. This well could produce 3 to 5 million cubic feet per day (MMcf/d) of natural gas. It could also produce 50 to 100 barrels per day of natural gas liquids (NGLs), the company said.
Overall, the Wilrich sandstone on the Tomahawk would be more economical than originally thought “in the current low gas price environment” based on the results from 1-20-52-7W5 Wilrich, the company said.
On the region’s Conrad property, Artisan completed a horizontal test well and is plugging it, the company said. The sandstone around the well holds oil shows and sand, the company said. It is sidetracking the test well’s wellbore for use as a future Sawtooth horizontal well, Artisan added.
Here the third party has a 60% working interest in the deep zone where the well sits on 160 acres, Artisan said.
Artisan is an oil and gas producer that has 27,787 core acres of land in central and southeast Alberta. Artisan has development oil projects at Chip Lake and Ferrbank.
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