Canada’s Blackbird Energy has completed its first well, encountering oil-bearing sands at its Mantario Success project in West Central Saskatchewan, and is now eyeing similar finds elsewhere on its Saskatchewan territory.
Blackbird Energy Inc.(TSX-BBI) said its first Mantario Success well (A15-6) was put into production on 8 November after encountering 20 meters of oil-bearing sands. The well will produce for some 15 days until results are released.
“The Blackbird team is very pleased with the initial analysis of our oil discovery on the Mantario Project,” Garth Braun, President and CEO of Blackbird, which owns a 70% interest in the Mantario well, said.
“Our geological team has also identified two similar areas on existing Blackbird lands in our extensive southwest Saskatchewan holdings of over 35 sections. These two additional opportunities are favorable for further exploration through the acquisition of 2D seismic data to apply the seismic template from our recently evaluated Mantario Project. We look forward to continue to build our production and reserves via exploring and developing our lands via the drill-bit.”
Blackbird will use the net proceeds from the Mantario well for re-entry in its Bromhead project, where it holds 100% working interest in two sections, or 1,280 acres of land.
On 12 November, Blackbird announced it was licensing its first well at Midale, within the Bromhead project. Blackbird is hoping to strike a by-passed light oil pay here encountered in nearby acreage.
Blackbird has also moved to increase its holdings to 18 sections, or 11,250 acres, of Montney Petroleum & Natural Gas Rights in Alberta’s Greater Karr area. The increase in holdings includes deeper rights to the prospective Duvernay formation.
Duvernay is a high-cost but high reward play that has seen supermajors like Chevron (CVX) and Encana (ECA) pay top dollar for acreage.
This is one to watch.
By. Charles Kennedy of Oilprice.com