US-based domestic onshore oil company EnerJex Resources has started drilling the first well on its recently acquired acreage in its Mississippian Project located in Southeast Kansas.
EnerJex said it plans to drill ten new wells on this acreage in the near term, targeting the Mississippian formation located about 1,700m below the surface.
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It intends to space the wells evenly across the acreage in order to delineate the oil reservoir and gather important data.
The company will evaluate the results from the wells before launching an expanded drilling programme, and expects that this approach is likely to provide valuable information to enable it to identify a significant amount of proved oil reserves in the acreage.
The results from the initial drilling programme are expected to provide the company with valuable basis for guiding its future development plans in its Mississippian Project, which consists of a 90% working interest in approximately 2,940 acres.
On meeting certain drilling milestones related to its existing acreage, EnerJex can exercise an agreement to acquire a 90% working interest in 1,280 adjacent acres.
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By GlobalDataProduction rate at this project is currently stabilised at approximately 100 barrels of oil per day (bopd), and it can produce more than 1,000 bopd once it is fully developed, the company said.
Initial results from the drilling programme are expected to be reported by EnerJex in the coming weeks.
The Mississippian formation represents more than 50% of Kansas’ 35 million barrels of annual oil production, and has cumulatively produced more than one billion barrels of oil in the state, according to the Kansas Geological Survey.
