Permex Petroleum Corporation, a junior oil, and gas company, announced an update on the drilling of the Eoff PPC #3 well on its Breedlove Oilfield in Martin County, Texas.
Breedlove Oilfield is the first well drilled by Permex. On the final day of drilling, they achieved the target depth of 8,100 ft. The casing runs to total depth and completes the electric wireline logging sequence of the wellbore. All indications from the drilling are favorable, allowing the Company to proceed with the next steps of perforation and completion.
Environmentally safe practices.
The Company successfully implemented environmentally safe practices during the well’s operations. The fluids are water-based and biodegradable mud. To locate potential places for future drills, they use environmentally safe methods.
The well has two forms of orientation: vertical and horizontal.The Company believes that the results reveal a future of growth and development for Permex. Permex plans to further expand into the Eoff PPC #3 well’s 40-acre spacing available to create additional drilling programs. Drilling operations will begin soon with the already permitted wells.
Focus of their drilling campaign.
Permex Petroleum’s President and CEO, Mehran Ehsan stated, “The driving force of Permex Petroleum’s continued success has been to enhance production while reducing costs. The focus of our drilling campaign has been on the Eoff PPC #3 well, which we believe to be the start of a successful drilling campaign on the Breedlove oilfield. Eoff PPC #3, reflects Permex’s growth as operations expand to other future wells on this field.”
Since the beginning of 2022, the Company has completed five oil and gas wells. Came online at a combined initial production rate of 50 barrels of oil equivalent per day and have stabilized at a rate of 35 BOEPD. The Company has access to 62 shut-in oil, gas, and saltwater disposal wells that it intends to bring online. These wells have the potential to yield similar results and increase the Company’s total daily production.
There will be further updates available as stages continue moving forward to the completion of the Eoff PPC #3 well.
It can be of your interest: Energy Capital Magazine, October Edition.
About Permex Petroleum Corporation
Permex Petroleum is a uniquely positioned junior oil & gas company with assets and operations across the Permian Basin of West Texas and the Delaware Sub-Basin of New Mexico. Firstly, the Company focuses on combining its low-cost development for sustainable growth and its Blue-Sky projects for scale growth. Secondly, the Company is a licensed operator in both states and owns and operates on private, state, and federal land. All of this is through its owned subsidiary, Permex Petroleum US Corporation.