TTE EXPANDS HOLDINGS TO FOURTH GULF COAST …€¦ · · 2015-10-21TTE EXPANDS HOLDINGS TO FOURTH...
2
TTE EXPANDS HOLDINGS TO FOURTH GULF COAST OIL FIELD ASX Announcement | 22 October 2015 Australian oil and gas company TTE Petroleum Ltd (ASX: TTE, OTCQX: TTENY) (TTE or the Company) is pleased to announce that the Company has acquired a holding in a fourth proven salt dome oil field on the Texas Gulf Coast. TTE has acquired 361 net acres on the Blue Ridge salt dome after a successful negotiation with OXY USA, Inc. The Company’s acreage, known as the Occidental Fee lease, represents a significant portion of the south-western corner of the Blue Ridge field in Fort Bend County, Texas, approximately 20 miles south of Houston. Terms of the acquisition are to remain commercial in confidence, but are consistent with recent acquisitions and reflect current market conditions. Depth of target sands in the Miocene, Frio and Vicksburg formations range from 1,500 feet to 6,000 feet. CEO Brad Simmons stated: “I am very familiar with this property. I had leased a portion of this acreage almost 30 years ago where I drilled around 20 successful wells. Prior to TTE’s acquisition, this part of drilling fairway had been held by production for over two decades and was unavailable for lease. While there was competition from other oil companies, TTE prevailed.” He went on to further comment: “I have a long standing history in Blue Ridge and have been responsible for drilling over 230 wells in this field. It is like an “old friend”. It is incredibly exciting to have the opportunity to introduce our new TTE team to this field and I believe our shareholders will be quite happy with what we have in mind.” The Company has identified a number of developmental drilling locations to extend the fairway across this south western flank. It is anticipated drilling operations will begin in the first quarter of 2016. For personal use only
Transcript of TTE EXPANDS HOLDINGS TO FOURTH GULF COAST …€¦ · · 2015-10-21TTE EXPANDS HOLDINGS TO FOURTH...
TTE EXPANDS HOLDINGS TO FOURTH GULF COAST OIL FIELDASX Announcement | 22 October 2015
Australian oil and gas company TTE Petroleum Ltd (ASX: TTE, OTCQX: TTENY) (TTE or the Company) is pleased to announce that the Company has acquired a holding in a fourth proven salt dome oil field on the Texas Gulf Coast.
TTE has acquired 361 net acres on the Blue Ridge salt dome after a successful negotiation with OXY USA, Inc. The Company’s acreage, known as the Occidental Fee lease, represents a significant portion of the south-western corner of the Blue Ridge field in Fort Bend County, Texas, approximately 20 miles south of Houston. Terms of the acquisition are to remain commercial in confidence, but are consistent with recent acquisitions and reflect current market conditions.
Depth of target sands in the Miocene, Frio and Vicksburg formations range from 1,500 feet to 6,000 feet.
CEO Brad Simmons stated: “I am very familiar with this property. I had leased a portion of this acreage almost 30 years ago where I drilled around 20 successful wells. Prior to TTE’s acquisition, this part of drilling fairway had been held by production for over two decades and was unavailable for lease. While there was competition from other oil companies, TTE prevailed.”
He went on to further comment: “I have a long standing history in Blue Ridge and have been responsible for drilling over 230 wells in this field.
It is like an “old friend”. It is incredibly exciting to have the opportunity to introduce our new TTE team to this field and I believe our shareholders will be quite happy with what we have in mind.”
The Company has identified a number of developmental drilling locations to extend the fairway across this south western flank. It is anticipated drilling operations will begin in the first quarter of 2016. F
or p
erso
nal u
se o
nly
— 2 —
ABN 53 109 213 470 Postal Address PO Box 198 West Perth 6872 Western Australia
www.ttepetroleum.com
Figure 1 (Page 1) Blue Ridge Oil Field: TTE lease holding highlighted in yellow & approximate salt dome contours in blue. Figure 2 (Above) 361 acre Occidental Fee lease. For further information please contact: Darren Levy Paul Garner Executive Chairman Managing Director M: +61 418 558 485 M: +61 411 871 487 E: [email protected] E: [email protected] F
or p
erso
nal u
se o
nly
