Private companies have set casing to 8,700 ft total depth at a shale oil well in an undisclosed area of Alberta, said Petsec Energy Ltd., Sydney.
The well was extensively logged, and cores were taken for use in detailed petrophysical and geochemical evaluations expected to last 3-4 months.
Petsec paid 35% or about $700,000 of the cost of the initial well and has the right to elect to participate in the drilling of as many as three optional wells to earn a 24.5% working interest in 17,280 acres of leases.
