Project Profile
Value: US$5-10 million
Location: Iberville Parish, Louisiana.
Area: 640 acres
Start-up Year: 2014
The West Klondike Prospect is a fault block closure which has been identified on 3D seismic data and is in close proximity to analogous offset production. The targeted sand sections are the Marg Tex, Lario and Upper and Lower Nod Blan, all of which produce in the fields highlighted on the sub regional map. The likely resource potential is 2 million barrels of oil (MMBL) and 6 billion cubic feet of gas (BCF) with unrisked potential of 4.8 MMBL and 17 BCF gas. In addition to the main target there is larger, high pressure, prospect in the leased area that will require a separate deeper well. The target sands of this deeper feature (Bridas) have recently yielded a significant discovery approximately 2.5km to the northeast. West Klondike covers an area of 640 acres in Iberville Parish, Louisiana.
On 29 August 2012 Grand Gulf Energy farmed down a 5% interest its Lyons Point prospect (Kilgore retains a 10% working interest) to acquire a 5% working interest in the West Klondike exploration prospect. On 9 September 2012 the company announced it had acquired an additional 5.2% WI in West Klondike, to hold a total of 10.2% WI through funding 13.5% of the initial well and completion costs. The West Klondike participation terms are favourable, with the company paying 13.5% of the initial well and completion costs (US$360,000) to earn its 10.2% WI with entry costs of approximately US$80,000.
Operators:
Tamaska Oil & Gas: 11.4% working interest
Grand Gulf Energy: 11.7% interest