Horizon Energy said that testing has confirmed the presence of recoverable oil at its Cherokee site in Texas, US.
The zone identified oil in required quantities to start with plans for fracture stimulation and horizontal drilling operations at the Holmes Oil Unit Number 1 in Cherokee County.
The company, which expects to begin work in the coming days, said that its engineer is currently identifying the pressure information obtained for final calculations with respect to fracking procedures.
Horizon Energy president and CEO Robert Bludorn said that reservoirs with rock characteristics such as those identified in the zone have been found suitable for fracturing and horizontal drilling.
"We are pleased this valuable data confirms the presence of producible hydrocarbons," Bludorn added.
Horizon said that the Holmes Oil Unit Number 1 well is situated in a demonstrated producing trend productive from several different reservoirs since the 1930s.
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By GlobalDataThe company noted that based on historical data, other wells near the Holmes Unit have recently demonstrated successful completion due to the renewed interest in the area.
Horizon Energy is engaged primarily in the acquisition, exploration and development of properties for the production of crude oil and natural gas, onshore in the US.
