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- Oil and gas company Xstate Resources (XST) has spudded its Borba 1-7 well in the Northern Sacramento Basin, onshore California
- The Graham Drilling Rig 5 spudded the well on Sunday
- The rig is now drilling ahead in a 17-and-a-half-inch hole to a planned depth of 1800 feet, where it will set a over 13-inch casing
- On the market this morning, Xstate is up 7.69 per cent and is trading at 1.4 cents per share
Oil and gas company Xstate Resources (XST) has spudded its Borba 1-7 well in the Northern Sacramento Basin, onshore California.
The Graham Drilling Rig 5 spudded the well on Sunday. The rig is now drilling ahead in a 17-and-a-half-inch hole to a planned depth of 1800 feet, where it will set a 13-inch casing.
Borba 1-7 will be drilled to test multiple stacked 3D seismic anomalies in the interval.
Last week, Xstate reports its maiden independent prospective resource assessment for the Borba gas project in California.
The report showed the mean unrisked recoverable gas prospective resource for Borba came in at 141 billion cubic feet.
The Borba Prospect is a joint venture project with fellow ASX-lister Sacgasco (SGC). After drilling has wrapped up at the well, the project’s working interests will split 66.67 per cent and 33.33 per cent to Sacgasco and Xstate Resources, respectively.
On the market this morning, Xstate is up 7.69 per cent and is trading at 1.4 cents per share at 10:37 am AEDT.
