Incremental Oil and Gas (IOG) has been granted approval to drill a new well on its Round Mountain lease in California, US, from the state’s Division of Oil, Gas and Geothermal Resources.
The firm plans to drill Smoot #1 as a vertical well to a total depth of 2,000ft, with the Pyramid Hill and Vedder formations, drilled to 945ft and 1,115ft, respectively, as the main targets.
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The Vedder Formation has produced a large proportion of the 100 million barrels of oil from the Round Mountain field, mostly during the 1930s.
Because the Vedder reservoir was more attractive, the Pyramid Hill Formation was not exploited in the Round Mountain field’s early days.
The well is expected to spud by the end of this week, and will cost $534,000, according to IOG.
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By GlobalData
