Unbridled Energy announced a drilling update on its Option Well, which spud on the 26th of last month. On Tuesday, the 16-21 well reached intermediate casing point at a depth of 2,880.7 meters with logging and intermediate casing operations currently being conducted. After the operations are completed, drilling will continue to an expected total depth of nearly 3,300 meters. The company also reported that the drilling costs are in line with the targeted budget.
Unbridled holds an average of 35% working interest in 10,240 acres with an option on an additional 3,840 acres in the Chambers/Ferrier area. The Company holds a 58.5% working interest in the 16-21 Option Well, currently being drilled, and will earn an interest in three sections of land with a further option to earn the remaining three sections with a second Option Well.
Additionally, the Company has run tubing into its 3-17-41-11 (“3-17”) well in preparation for production. The well was flow tested for a short period and is anticipated to produce at rates announced previously. The 3-17 is now ready to be connected to the existing pipeline infrastructure and should be completed by November 2007 to begin production. Next, tie-in operations of the 7-18-41-11 W5M well will begin.
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