Jetex Petroleum Inc is seeking to farm-out up to 50% interest in licence P2227 (blocks 12/29a and 22/28a) which contains the Sigma discovery. The company is looking to develop the discovery by testing two objectives through a 6,800 ft vertical appraisal well. The horizontal well and test will cost USD 9 million including a USD 70,000 day rig cost. The two objectives consist of the Alness sand reservoir (proven oil) and Beatrice conventional sand reservoir. The Alness sand reservoir is planned to be drilled with a horizontal wellbore. Jetex has derived reserves for Alness of 41 MMbbl P90, 70 MMbbl P50 and 100 MMbbl P10 with 300 MMbbl OOIP. Beatrice has reserves of 13 MMbbl P90, 30 MMbbl P50 and 59 MMbbl P10 with 100 MMbbl OOIP. Jetex has completed a stimulation study independently with Xodus completing a preliminary MODPU development plan. Further potential in the acreage is identified through the Sigma South prospect located in an undrilled fault block. The Alness and Beatrice reservoirs are sealed by thick Oxfordian Shales which could act as an effective fault seal. As of April 2019, the opportunity was still available.  Well 12/29-1 discovered Sigma in August 1981 reaching a TD of 7660 ft by Kerr McGee Oil. The primary objective of 12/29-1 was to core the Lower Cretaceous and Middle Jurassic Sandstones to assess their potential as reservoirs. The secondary objective was to drill deeper into the Pre-Permian which had the potential to be hydrocarbon bearing. Highland Petroleum who held the acreage before Jetex acquired its 100% interest August 2017 reported that that a 66 ft interval flowed at 100 bo/d between 6,852 - 6,942 ft and no water contact was encountered.   Interest in P2227 is held solely by Jetex Petroleum Inc (100%).
Jetex Petroleum Inc is seeking to farm-out up to 50% interest in licence P2227 (blocks 12/29a and 22/28a) which contains the Sigma discovery. The company is looking to develop the discovery by testing two objectives through a 6,800 ft vertical appraisal well. 