Winstar drilling exploration well in Pannonian Basin - Hungary
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Winstar Resources expects to reach a total depth of about 1,500m by the end of July 2008 at an exploration well it is drilling in the Igal II exploration permit in the Pannonian Basin. NAK 1 will evaluate the reservoir quality of the Pannonian turbidities in advance of the acquisition of 3D seismic, which is slated to begin in the first quarter of 2009. Meanwhile, the Calgary-based company is offering a farm-in opportunity to one or more partners, with up to a 50% stake available in return for paying 100% of the capital costs. Winstar has identified a Pannonian gas fairway traversing its 2,300 sq km contract in western Hungary. Plans call for the acquisition of up to four large packages of 3D seismic, followed by the drilling of exploration wells at a cost of US$ 2 million or less per well. Winstar president David Monachello says the company has recognized numerous Pannonian 2D seismic leads on Igal II which could be analogous to adjacent gas fields that have found an average of 100 Bcf apiece. Igal II is in the Somogy-Drava, Zala and Mid-Danube sub-basins.
This article is extracted from International Oil Letter, Vol 24 issue 30 dated 28th July 2008.
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