NEW YORK, July 13, 2015 /PRNewswire/ -- S&P Capital IQ (MHFI) announced today that it has commenced Factual Stock Report coverage on Titan Energy Ltd ADS.
Titan Energy Ltd. (TTENY) is an oil and gas exploration and production company with interests in Australia and the United States. The company has current oil production from Allen Dome oilfield in Texas.
Titan has announced a US$50 million joint development agreement to fund in-field development oil exploration. The three-year funding package will allow Titan to fully explore its key assets, the highly prospective Allen Dome salt dome in Brazoria County, Texas and the Boling Dome in Wharton County, Texas. Both are proven oil fields.
On April 28, 2015, Titan announced that New Orleans based Gulf South Holding, Inc. (Gulf South) has signed an amendment to the Joint Development Agreement signed in February, 2015, to increase its drilling fund commitment to the company. Gulf South has received significant increased demand from its institutions and investor base across the United States. Due to this response it has increased its funding commitment to Titan operated projects from the original three year US$50 million to US$75 million over the next three years, subject to market conditions.
The Allen Dome is a piercement salt dome discovered by Shell Oil Company in 1928 and is located 50 miles south of Houston in Brazoria County, Texas. Following several years of lease acquisitions, Titan has a leasehold monopoly across the dome.
On February 23, 2015, the company announced that it was continuing to increase its acreage holdings on Allen Dome and that it held 1,085 net acres (1,642 gross acres) at that date.
Titan commenced a multi-well drilling program on the northern flank of Allen Dome with the spudding of the JT Reese #14 on March 15, 2015. On May 11, 2015, Titan announced commercial production on the initial test well of the 2015 multi-well developmental drilling program on Allen Dome.
On May 27, 2015, the company announced drilling success in the second test of the 2015 multi-well developmental drilling program on Allen Dome. Titan reported that the JT Reese #15 had reached a total depth of 4,380 feet and had been logged to a depth of 4,250 feet. The open hole log and sidewall core analysis from an independent laboratory confirmed the presence of 12 separate zones with oil shows in the Reese #15 down to 4,250 feet. The tests further indicated seven oil productive pay zones in the well ranging in depth from 3,000 feet down to 4,100 feet.
The company further reported that, as anticipated, the JT Reese #14, the initial drilled well in the project, began making sand while flowing and had been successfully screened and gravel packed as a sand control measure. The well was producing at a rate of 100+ barrels of oil per day on 15 minutes per hour pumping cycle.
The Boling Dome is located 45 miles south west of Houston. According to Titan, Boling Dome is the widest spread salt dome on the U.S. Gulf Coast, covering 30 square miles from flank to flank. The company believes Boling Dome is one the most under-developed salt domes on the Gulf Coast with the potential for tens of millions of barrels yet to be discovered. Titan acquired 850 net acres across the Boling Dome in February 2015 and intends to conduct extensive reservoir analysis with a major engineering firm following the first developmental pilot tests.
On May 12, 2015, Titan announced that it had acquired a major holding in another Texas Gulf Coast salt dome oil field, the Markham Dome located in Matagorda County, Texas. Titan acquired 1,144 gross acres (844 net acres) on the southeastern flank of Markham Dome, which comprises approximately one-quarter of the entire field. Markham Dome is located 90 miles southwest of Houston, Texas and approximately 40 miles from the company's Allen Dome and Boling Dome fields. Titan intends to drill a test well before June 15, 2015 in order to hold a portion of the oil and gas leases.
In the North Perth Basin of Western Australia, Titan is participating in a joint venture with AWE Limited, which has farmed in for an 81.5% equity share of exploration permit EP455.
Titan Energy Ltd. is based in West Perth, Western Australia, Australia.
S&P Capital IQ's Factual Stock Report coverage on Titan Energy Ltd ADS will also be accessible on an ongoing basis to the investment community by scores of buy-side institutions and sell-side firms that utilize S&P Capital IQ research and information platforms daily. Millions of self-directed investors also have access to the report via their e-brokerage accounts. Please visit www.titanenergy.com.au for additional information.
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