Winchester Energy Limited (Winchester or Company) has been advised by the Operator, Clear Fork Inc. (Clear Fork), that following performing two drill stem tests (DSTs) on the Ellenburger Formation that resulted in a flow rate of 3 bopd and a log analysis that indicated a depleted Ellenburger interval, it has decided to Plug and Abandon the Patterson 1R well.
The total cost of the Patterson 1R well is expected to be less than US$350,000. Winchester’s 25%WI in the Patterson 1R well results therefore in its share of the total cost being approximately US$87,500.
The Patterson 1R well was drilled as a one-off commercial arrangement between Winchester and Clear Fork which applied to a 40 acre drilling unit on the White Hat lease and arose as part of an agreement via which Winchester acquired seismic data over part of Nolan County from Clear Fork. Accordingly, after plugging and abandoning the Patterson 1R well, Clear Fork will have no further interests or rights in the White Hat lease.
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