Project Profile
Value: Undisclosed
Location: San Joaquin Basin, Kings County, USA
Area: 90,000 net acres
Start-up Year: -
The San Joaquin Basin of Southern California is a world-class geologic system with over 13 Billion BOE produced to date. Zodiac identified an array of light oil opportunities and controls approximately 90,000 net acres in Kings County which is optimally located in an area where the oil source rock is actively generating light oil. Zodiac has identified both low permeability and conventional light oil prospects on its acreage. The primary prospect is characterised as naturally fractured, low permeability sandstone, siltstone and shale contained in the Vaqueros and Whepley formations referred to as the Jaguar prospect.
Sproule Associates, Ltd., Calgary, has prepared an NI 51-101 Resource Report that estimates a mean petroleum initially in place of over 4 Billion Barrels of light oil to a portion of the Zodiac lands. Other resources identified on our acreage include the Monterey and Kreyenhagen light oil plays as well as higher porosity/permeability targets. Zodiac has built a highly concentrated land position of approximately 80,000 net acres in the San Joaquin Basin. Three light oil resource plays and several conventional propsects have been identified on the acreage. The first test well on the acreage spudded in late Q4, 2010. San Joaquin Basin has a high potential, underexplored, exceptional geology – source rocks, reservoir, many play types and nearby infrastructure and access to markets. Kings County is an actively generating light oil window, which has 80,000 contiguous, targeted acreage and has demonstrated productivity from vertical wells. There has been no activity in over 25 years and there are currently 3 resource plays identified on company lands with conventional plays identified.
Panther Prospect
The Panther Prospect is situated in the actively generating oil window for two proven source rocks, the Eocene Kreyenhagen and Miocene Monterey formations, with gross thicknesses of each formation comprising over 1,000 feet. These source rocks have charged five giant oil fields on the same structural trend as the Panther Prospect. Both source rocks are overpressured and have yielded hydrocarbon flows and shows in vertical wells within, and adjacent to, the prospect. Notably, a well immediately north of the prospect has produced over 400,000 barrels of high-gravity, low-sulfur oil from and un-stimulated vertical wellbore completed in one of the source rock intervals. In addition to the resource play potential, conventional structural and stratigraphic play types have been identified within the prospect area.
Hawk
In addition to the Jaguar Prospect, Zodiac also has an option to drill an additional test well on a portion of the lands to test the Burbank formation, which is referred to as the Hawk Prospect. Zodiac has until May 31, 2013 to spud a test well on the Hawk Prospect (paying 100% of the costs). If drilled, Zodiac would earn 3,865 net acres on the Hawk Prospect.
Operator:
Sintana Exploration Inc. (formerly Zodiac Exploration Inc.): Operator with 100% interest
Contractor:
Sproule Associates, Ltd.: Preparation of an NI 51-101 Resource Report