Manitok Energy Inc. (CVE:MEI) reports an update on its drilling activities
The press release is quoted as saying:
The prospect is a highly structured, conventional Cretaceous reservoir that has not been exploited in the Stolberg region of the foothills. The targeted reservoir has been logged and drill stem tested (“DST”) in
an offsetting deeper well within 100 meters of the planned bottom hole location of this well. The DST in the target zone yielded a combination of sweet light oil, condensate and natural gas. Drilling, completion,
tie-in and equipment costs are expected to be approximately $5.1 million. Manitok has secured an industry partner to participate for a 25% working interest in the well with Manitok retaining the remaining 75% working interest. While drilling results can never be certain, management’s internal estimates, effective November 24, 2010, are for initial risked production rates of between 300-700 boe/d and reserves in the order of 400-700 mboe. Depending on the results of this drill, there are several offsetting locations that could be drilled during the second half of this year.