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Talon-1 drilling update
11th July, 2011
Talon-1 drilling update
L&M Energy Limited (ASX/NZX: LME) advises that the Talon-1 exploration well in PEP51151, onshore Taranaki, New Zealand (LME: 50%) was this morning at 510 metres. Surface casing has been set to 507 m and the rig is currently being set up in preparation for drilling ahead to the target depth of 1450 m.
The well is targeting mean reserves of 2 mmbbl oil (recoverable) in shallow Manutahi sands in a structure geologically identical to the adjacent Manutahi Oil field operated by Origin Energy (estimated recoverable reserves of 4mmbbl).
Talon1 is the first well to be drilled on the 482.4 km2 permit, which also contains multiple further drilling targets. As announced on 1st June, LME will be free carried through the drilling of the well (subject to third party final documentation and regulatory consents).
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