Strategic American Oil Corporation has begun preparations for drilling at Koliba No 3 well in Texas, US, in which the company retained a 12.5% working interest.
The combined leased acreage in Koliba consists of 79 acres covering an anticipated anticlinal structure with offsetting production.
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The company has identified three Frio Sand target zones at 5,880in, 5,350in, and 4,930in under the Koliba leases.
The company has decided to drill the No 3 well and get updip to the No 1 well, making better use of investment capital.
Strategic American Oil completed drilling the Koliba No 2 prospect in Victoria County, Texas, earlier this year to 6,880ft.
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By GlobalData
