Camac Energy spuds ZJS-04 well in China
CAMAC Energy (AMEX:CAK) said Thursday that its ZJS-04 well in China has spud, the second of three wells planned to be drilled this year by the US-based oil and gas company.
Drilling of the well is expected to take about 50 days to reach the targeted depth of 5,900 feet. Currently, the penetrating depth is 2,630 feet, drilled towards the main target formations.
"We are very pleased to announce the spudding of this well," said CEO Kase Lawal.
"The work program in China continues to move forward, which is an important step towards further evaluating the resource potential of the Zijinshan Gas Asset."
The Houston-based company's Zijinshan gas asset covers an area of 175,000 acres in the Ordos Basin in Shanxi Province, the second largest petroleum-bearing basin in China. It is in close proximity to major infrastructure, including the West-East Gas pipeline and the Ordos-Beijing Pipelines.
The work program at the site was approved by Camac and its Chinese partner, PetroChina CBM Co.
Aside from its assets in China, Camac also has operations in Nigeria, including interests in OML 120 and OML 121, offshore oil leases in deepwater Nigeria that started production from the Oyo Field in December 2009.
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