approaching the last chance for a maybe multibagger projectile.drilling contract has been executed to drill a well on the Amazon Prospect from mid-December, with Australian companies Tango Petroleum (ASX: TNP), Quest Petroleum (ASX: QPN) and Transerv Energy (ASX: TSV) all having an interest.
Nabors Drilling USA is the drilling contractor, and will use a Nabors Rig 4 to drill the Marian Baker #1 well to a total depth of approximately 16,000 feet, located in south Louisiana, USA.
Amazon is regarded by the operator, Caza Oil and Gas, to be a multi-segment prospect with prospective reservoirs, supported by AVO data within a proven play fairway.
The Amazon prospect is a large exploration target assessed by independent consultants ISIS Petroleum to have a 35% probability of success, with an estimated mean recoverable resource of 375 billion cubic feet of natural gas and 37 million barrels of oil.
Tango has a 17.5% interest, with Quest 15%, Transerv 5% and other partners 62.5%.
approaching the last chance for a maybe multibagger...
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