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ENTEK ENERGY LTD

ASX: ETE

The data on Australian Shares.com is intended as a guide only and is compiled from information in the public domain. Data on this website should not be used to make an investment or trading decision.

Description

ENTEK Energy is an oil and gas producer and explorer both onshore and offshore in the United States of America. Onshore ENTEK’s projects are located in the Green River Basin (GRB) one of the most prolific hydrocarbon basins in the US. Offshore ENTEK’s projects are located in the Gulf of Mexico (GoM) one of the world’s most prolific basins.

High Island (HI) 24L, Gulf of Mexico

Entek farmed down the exploration opportunity to be free carried on the initial exploration well down to casing point. The discovery was made in September 2006. The field is currently on production, net return to Entek since production commenced in October 2007 is approximately $8.5 Million. Cumulative Production to 31 July 2009 was approximately 32 BCF and 245,000 barrels of condensate which only represents around 35% of reserves.

High Island (HI) A246, Gulf of Mexico

Entek acquired High Island A246 (HI A246), on 26 October 2006. The block has shallow potential up to 12 BCF of gas reserves. The block also sits in the Deep Gas Reservoir Sweet Spot. Numerous deep gas prospects have been successfully drilled by operators in the area. Deep gas on the shelf represents an under explored play with great potential and significantly larger reserves than the intensively explored shallow amplitudes plays. Entek plans to work up the Deep Gas Potential on the block. Entek holds a 100% working interest (WI) in HI A246 and will seek a farmin partner if warranted after evaluating the full potential of the block.

Galveston (GA) A133, Gulf of Mexico

Opportunity with Proven Reserves and Low Risk Exploration Prospect. Block officially awarded to ENTEK in October 2009. ENTEK estimates up to 24 BCF of proven, probable, possible and prospective resource on the block. Entek will have the proven, probable and possible reserves on the block independently certified. ENTEK is in negotiation with an experienced Gulf of Mexico operator interested in participation.

Galveston (GA) 212, Gulf of Mexico

Block officially awarded to ENTEK in November 2009. Galveston Area Block 212 (GA 212) has an oil discovery well on the block, and an exploration prospect on the same structure which could contain reserves up to 4.2 Million Barrels. The Block has analogue oil production from adjacent Blocks GA 189 and GA 190.

Galveston (GA) 213, Gulf of Mexico

Block officially awarded to ENTEK in November 2009. Galveston Area Block 213 (GA 213) is adjacent the GA 212 and has an exploration prospect on the same structural trend as GA 212 and the analogue production in GA 189 and GA 190 which could contain reserves up to 4.9 Million Barrels.

Garden Banks (GB), Gulf of Mexico

Entek 100% working interest (WI) (80% NRI). Cascade Prospect - low risk exploration play, ready to drill. Technically robust, with direct hydrocarbon indicators; amplitude anomaly; flat spot & down-dip conformance. Geologic control, through numerous tests in the area exhibiting good reservoir characteristics, with seismic control utilizing Western Geco 3D over the prospect. Analog production of 215 BCFE cumulative surrounds the Cascade Prospect. The most geologically relevant being the Hess development in GB 158 which has proved reserves at the same level as the Cascade Prospect. Recoverable Resource estimate - 21.5 BCF, at shallow depth of 3,600 feet subsea.

Main Pass (MP) 252, Gulf of Mexico

Entek has 100% Working Interest (77.25% NRI) of this low risk, high reward re-development project. The project is located in 253' of water. Contains a proven, but incompletely produced gas reservoir (El Capitan Prospect) at the relatively shallow depth ~ 8,000 feet ("L" Reservoir"); plus a second, proven natural gas reservoir at ~ 6,900'. Defined by: 3D seismic; 9 well penetrations; production history & pressure data from the "L" Reservoir; Analog production in the "L" Reservoir in adjacent block MP 255; which has produced in excess of 290 BCF and continues producing today. Ryder Scott Company prepared an estimate of the reserves for the MP-252 Block (El Capitan Prospect), 3P Reserves estimated at approximately 25 BCF and 55,000 barrels of condensate, with 2P reserves of 15 BCF of gas and 29,449 barrels of condensate. Economic analysis based on turnkey drilling and facility prices, with total development costs estimated at $25 Million and NYMEX resource prices going forward, shows that payout in 18 months, remaining reserves after payout 75% of 3P reserves. Monthly revenue is projected in the order of $1.4 Million / month.

West Cameron (WC) 517, Gulf of Mexico

West Cameron Block 517 (WC 517) is estimated by ENTEK to have up to 42.8 BCF of proven, probable, possible and prospective resource on the Block. Block officially awarded to ENTEK in November 2009. WC 517 has proven reserves, only requires a single well development, and is within easy tie back to infrastructure, which allows ENTEK to proceed rapidly to production. We are confident with our internal estimate of reserves and will have independent certification of these reserves commenced immediately. We expect that the Block will easily attract an Operator and Partners and it is our intention to offer this opportunity to our preferred partners initially and in the near future.

North Padre (PN) 975, Gulf of Mexico

Well A-11 ST#1 on North Padre Block 975 in which Entek Energy has earned a 25% Working Interest is flowing gas at a rate of 4.440 MMCFD. Conservative projected earnings from the well indicate payback of Entek's estimated $1,250,000 completed well cost share within 12 months, at which time there will still be 70% remaining of the initial 4 BCF reserve with potentially a further 2 BCF of upside reserve.

Vermilion (VR) 341/342, Gulf of Mexico

Entek Energy Limited and its co-bidder have officially been awarded Vermilion Block 341 and Block 342 in the Vermilion Area, South Addition, after being confirmed as joint high bidders on the blocks in the MMS Central Lease Sale 213 which closed on 17th March 2010. (See ASX release 22nd March 2010). Vermilion 342 has a number of wells drilled on the block. These wells have discovered approximately 1.2 MMBO and 3.0 BCF of natural gas. The structure extends into the Vermilion 341 Block. Upside exploration potential on both blocks has been estimated at 4.0 MMBO and 6.0 BCF of natural gas. A summary of terms and details of the blocks is provided in the table below. Entek joint bid these blocks with a partner with significant Gulf of Mexico operating experience, eliminating the need to farm out and enabling the early and efficient development of the blocks.

Focus Ranch Unit, Green River Basin

Certified 2P Reserves of 2.258 million barrels of oil and 7.592 BCF of natural gas based on previous Focus Ranch 12-1 well tests. An additional zone was tested in the Focus Ranch 12-1 well tested in August 2009, which stabilized around 1.6 MMCFD and 100 BOPD. Focus Ranch 3-1 well already drilled and ready for testing. Prospective Resources associated with the Niobrara Formation and Frontier Sandstone within the Focus Ranch Unit of 336 BCFE (24 well locations).

Slater Dome Field, Green River Basin

On production, averaging 1.1 MMCFD with all existing wells on line. Existing coal bed methane production from the extensive coal measures within the Mesaverde Group. Independently Certified Reserves Proven 15.6 BCF and 2P reserves of 35.2 BCF. Additional Resources of 234 BCF of 3P reserves associated with the Slater Dome Gas Field (500 well locations).

ATP 269P Australia

The ATP 269P Joint Venture comprises; Beach Petroleum Ltd (46.95%); Entek Energy Limited (28.15%); IOR Exploration (20%); Santos Limited (4.9%). The Joint venture is producing from 3 wells with production delivered to nearby Eromanga Refinery. A 3D seismic program is scheduled for early 2010, to delineate additional drilling locations.

Mine For

oil, gas

Location of operation(s)

Mexico, USA, Australia

Address

Ground Floor , 15 Rheola St
WEST PERTH, WA, AUSTRALIA

Phone

08 9213 4388

Email

Website


Last Updated

11/04/2011

 

The data on Australian Shares.com is intended as a guide only and is provided purely as an indication of what information can be found through official announcements. Data on this website should not be used to make an investment or trading decision. All information should be carefully cross-checked against official sources for accuracy. The publisher (Intaanetto Pty Ltd) will not be held liable for any loss arising from the use of this website.