Antares Energy (ASX: AZZ) is reaching a new level of activity with the expected spudding of the Archer-16 well in the Northern Star project in Howard County, Texas.
Once Archer-16 spuds, Antares will have 3 drillings rigs in use, a company first.
The well location is also promising as it is currently offset by a number of new drill permits and facilities constructions.
Operators in the area include W&T Offshore, Element, and Pioneer Natural Resources.
These have drilled a number of wells including the Element Speck-1 well that flowed oil at an initial rate of 145 barrels per day (bpd) from the Lower Spraberry to Strawn reservoirs following an 8-stage fracture stimulation.
Pioneer Natural Resources has flowed oil at an initial rate of 186bpd from a Wolfberry producer about 15,000 feet (4.57 kilometres) to the southern boundary of the project area while W&T Offshore plans to drill and complete 3 horizontal Wolfcamp wells in their Yellow Rose project area on the southwest flank of the Northern Star project area.
Antares has 2 wells under evaluation at Northern Star and plans to drill 3 wells targeting the Wolfberry oil play this year.
More than 300 wells could be drilled in the 12,400 acre (50.2 square kilometre) area for potential proved, probable and possible reserves of 29-41 barrels of oil equivalent (boe).
These will complement the company’s planned 24 well program in the flagship Southern Star project.
The 3120 acre (12.6 square kilometre) Southern Star project currently holds over 30 wells producing more than 1000 boe per day with proved reserves of 12.6 million boe.
Production is expected to climb to more than 2500 boe per day following the completion of this year’s drilling program.
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