The Ossun-2 well is a re-entry of a Société Nationale des Pétroles d'Aquitaine (“SNPA” a Total SA legacy company) wellbore previously drilled in the late 1960’s. The well will be re-entered to a total measured depth of approximately 3,000 m and will target three key formations including the 200 m thick Cretaceous Flysch Carbonate where SNPA had previously encountered natural gas shows that were never tested or produced. Well results are expected within 20-60 days dependent upon re-entry conditions and progress.
Gallic’s second drill site, Azereix-1 is also being prepared for re-entry. The wellsite construction is nearly completed and the new wellhead is presently being installed on the existing surface casing. The current plan is to re-enter the Azereix-1 well immediately after the Ossun-2 well.
In November 2011, Gallic announced results from independent reserve consultants GLJ Petroleum Consultants Ltd.. (“GLJ”) on the undiscovered petroleum initially-in-place (“UPIIP”) resource potential for the geologic plays to be tested by the Ossun-2 and Azereix-1 wells. The report indicates the Mean estimate of the distribution of UPIIP for the Ossun-2 play at an unrisked 248 BCF, and unrisked 457 BCF for the Azereix-1 play plus 2.2 million barrels of liquids.
Mr. William H. Smith, President and CEO of Gallic, said “We are excited to commence the Ossun-2 well in France and are hopeful that we can add significant gas reserves to France’s domestic natural gas production. Our proposed two well re-entry program in the Aquitaine Basin in France in the first quarter of 2012 is a significant step for the Gallic organization towards development of our France and European growth strategies.”
Gallic is the 100% Owner and Operator of both the Ossun-2 and Azereix-1 wells.