Big Star Energy has oil exploration in Carbon County, Wyoming and legacy operations in Dawson County, Texas.
The Percy Creek Prospect – Is located in Carbon County, Wyoming in the Hanna Basin, where 5,228 gross acres have been leased. The prospect has 75mmbbl total best case gross prospective oil resource* in 4 vertically-stacked drilling objectives.
The four stacked prospects are within independent formations, all of which are proven hydrocarbon plays in the area. As an example, the UPRR Anschutz #1 well located 8.5 miles away in the Elk Mountain Field, had an initial production rate from the Sundance Formation of 450 barrels of oil per day. This well has produced almost 1 million barrels of oil to date.
Under the terms of the Farmin Agreement, Big Star will acquire a 20% working interest in the Leases on completion of the seismic acquisition and processing programme and the remaining 80% working interest on exercise of the drilling option.
Further information is available on the Company’s ASX Announcements.
*The estimated quantities of petroleum that may potentially be recovered by the application of a future development project relate to undiscovered accumulations. These estimates have both an associated risk of discovery and a risk of development. Further exploration, appraisal and evaluation is required to determine the existence of a significant quantity of potentially moveable hydrocarbons.