Fusselman Well, (TMK 12.5%)

The Fusselman Well, Clayton Johnson #3F, operated by Marshfield Oil & Gas, was drilled to its total depth of 9,883 feet on 3 January 2013. Tamaska holds a 12.5% working interest in the Fusselman Project in Borden County, Texas.

Production from the well is with a pump jack and is a mixture of oil and formation water. Production commenced from the #3F well on 23 January 2013 at around 80bopd and 200bwpd exhibiting natural decline. The production has been dominated by a high water cut of over 80%. The Operator successfully performed a work over in April 2014 which shut off some of the water and increased the oil production from 15bopd back up to around 50bopd. The production has since declined to average approximately 40bopd and 200bwpd in August 2014. 

 

FY 13
(5 months)

FY14
(12 Months)

FY15
(12 Months)

 

Actual

Actual

Forecast

Net Produced bbls

763 bbls

1,046 bbls

1,250 bbls

Net Revenue after Royalty and well head taxes (US$)

$  48,000

$  70,305

~$ 85,000

Operating Costs (US$) excluding workovers

~$  48,000

~$  33,751

~$   36,000

Tamaska3 currently estimates the reserves as follows: 

 

Estimated Ultimate Recovery

Cumulative production as at 30/06/2014

100% Reserves estimated as at 1/07/2014

Net TMK Reserves at 12.5% WI estimated as at 1/07/2014

 

Barrels

Barrels

Barrels

Barrels

Proven Developed Producing  (1P)

26,640

14,703

11,937

1,492

Probable (2P)

42,438

14,703

27,734

3,467

3All of the technical information, including information in relation to reserves and resources that is contained in this document has been reviewed internally by the Company's Managing Director, Mr Alexander Parks. Mr Parks is a Petroleum Engineer who is a suitably qualified person with over 15 years’ experience in assessing hydrocarbon reserves and has reviewed the release and consents to the inclusion of the technical information.