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Freedom Oil and Gas eyes shale formation wells in Texas
Freedom Oil and Gas (ASX:FDM) has secured a 100% working interest in 9,300 net acres in Dimmit County, Texas for developing Eagle Ford shale formation wells.
The Eagle Ford was one of the most actively drilled targets for unconventional oil and gas in the U.S. in 2010.
Drilling activity in the area dropped subsequently, but is expected to rise in 2017.
Freedom Oil and Gas is working towards leasing additional adjacent acreage to achieve its goal of capturing over 10,000 acres in the county.
In preparation for drilling, Freedom has broken ground on the site to be used for the drilling of the first two horizontal wells.
The drilling pad and road are expected to take about two weeks to build.
Also under construction is the water supply and associated equipment that will be used for the drilling and hydraulic fracturing of these first two wells.
The drilling contractor is expected to begin drilling the wells for Freedom following the completion of the drilling program for a nearby operator that is now expected to be finalised in early May.
Freedom’s share price increased 21% during the past three months, closing at A$0.097 on Thursday.
Story by ProactiveInvestors
Source: http://www.proactiveinvestors.com/companies/news/176112/freedom-oil-and-gas-eyes-shale-formation-wells-in-texas-176112.html
