By OGJ editors
HOUSTON, Apr. 27 -- Lexam Explorations Inc., Toronto, is awaiting interpretation of the first 3D seismic survey in the San Luis basin of Colorado to determine whether to proceed with drilling of two permitted wildcats in the nonproducing basin.
The Colorado Oil & Gas Conservation Commission approved permits to drill two 14,000 ft wildcats on the company's Baca Project to test primarily for gas in Cretaceous Dakota, estimated to be 50-120 ft thick with 15-21% porosity in the target area. Gas in the Lower Tertiary section is a secondary objective (OGJ, Sept. 1, 1997, p. 78).
Interpretation results of the 25 sq mile survey are expected in mid-May. Lexam holds 75% interest and ConocoPhillips 25% in more than 100,000 acres 45 miles southwest of Florence oil field. Completed well cost for the two holes is estimated at $21 million.
