Torchlight Energy Resources Inc. (TRCH:NASDAQ) announced in a news release that it and partner Maverick Operating finished drilling the three wells slated for Q4/18 and in the process made some significant conclusions.
They confirmed the existence of several new potential Wolfcamp pay zones and the Penn Silt pay zone as well as a deep structure in the Atoka Formation.
"The science is all coming together nicely, confirming what Rich Masterson has been stating all along," Chairman of the Board Greg McCabe said in the release.
From the trio of wells, Torchlight collected a "voluminous amount of scientific data," including 11 logs of various types and more than 100 sidewall cores, the release noted. Additional sources include newly processed two-dimensional seismic, gravity information and magnetics. Analysis of all of that scientific material, currently in progress, will lead to a determination of the best ways to complete the wells.
After such a review and analysis, expected to be done in early March, Torchlight will hold a conference call to relay the findings and their significance.
The subsequent plan going forward is to market the project to larger exploration and production companies with a potential interest in taking it over.
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