Treaty Energy (TECO) has made an oil discovery at a well drilled at its Tennessee leases in the US.
The leases encompass 246 acres and include two shut-in wells of which the first spudded oil when re-entered at a heavy flow rate at 900ft and continued the high output to a depth of 1,875ft.
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TECO COO Gerard Danos said that the well produced over 30 barrels in just three hours due to natural back pressure.
“Once we realised the amount of oil the well was producing, we immediately began negotiations and reached an agreement on a 45 acre lease adjacent to this tract,” Danos said.
The firm plans to penetrate the second shut-in well soon.
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By GlobalData
