Petro River UK Limited, the UK subsidiary of Petro River Oil Corp. (OTCBB: PTRC), announced that drilling operations on the Woodburn Forest-1 Well in Larne Basin, Northern Ireland, are underway.
Petro River Oil announces spudding of the Woodburn Forest-1 well in Northern Ireland’s Larne Basin
In a press release today the company said that the Woodburn Forest-1 is a vertical well that will be drilled to a depth of approximately 6,500 feet to test the commercial viability of three conventional sandstone reservoir intervals—the Triassic Sherwood Sandstone, Lower Permian Sandstone and Carboniferous Sandstones.
Petro River President Stephen Brunner said new 3-D seismic data will be acquired in the basin over subsurface prospects previously identified by 2-D seismic a to help define and high-grade potential locations for future wells.
The company said that initial results from the Woodburn Forest-1 are expected in July 2016.
Petro River and Horizon Energy Partners, LLC collectively acquired 9% and 16% (respectively) working interest in approximately 130,000 gross acres of both onshore and offshore petroleum licenses in the Larne Basin. Petro River holds an indirect 20% membership interest in Horizon Energy Partners, LLC.
