ARCO is offering a huge package of California acreage that may be the biggest concentrated exploratory leasehold available in the U.S. in years.
ARCO described the package as containing some of the best onshore potential remaining in California. In essence, the company said, it represents a complete exploration company that while unstaffed has compiled decades of data, concepts, maps, and studies with prospects in all stages of development.
The block covers 414,000 net acres in the San Joaquin basin and, with exception of a few scattered parcels in adjoining counties, all in Kern County. The acreage for the most part is former Kern County Land Co. acreage, acquired by Tenneco Inc. in 1967. ARCO acquired the acreage from Tenneco in 1988.
WHAT'S OFFERED
Most of the Kern County acreage lies in three sectors: one extending northwest from Rosedale field almost to Trico gas field, one west of Bakersfield extending from Strand field southeast to near Rio Viejo field, and another in the southern San Joaquin Valley extending from Yowlumne field south to the foothills near Wheeler Ridge.
In addition, the package includes parcels near Mount Poso, Fruitvale, Mountain View, Cymric, Lost Hills, Semitropic, North Antelope Hills, and Cal Canal fields, among others.
Prospects include three permitted wildcats, six documented and ready to permit, and 22 undeveloped leads. The three permitted prospects are Tsunami, 10-30s-28e; Aktuno, 28-11n-19w; and Martinique, 1-30s-25e. The nine permitted and ready to permit prospects target prospective estimated unrisked reserves totaling 61.5 million bbl of oil equivalent.
Assets offered include 3,335 line miles of 2D seismic in 496 lines and 171 sq miles of 3D seismic in six surveys, about 100,000 well logs, more than 50 regional studies and technical reports, about 1,000 key maps, and a Sun 3D workstation. Transition support includes office space in Bakersfield and Dallas, selected personnel from ARCO, air/land credits, and technical support in regulatory and marketing sectors.
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