News

January 05, 2010

ASX Listed Advance Energy Successfully Raises Finance Through Listed Convertible Notes To Further Its Projects In The US Permian Basin

The Permian Basin in West Texas and New Mexico is one of the largest and most prolific oil and gas producing basins in the US, having seen an output of more than 30 billion barrels of oil since the first shallow commercial oil well was completed to a depth of 2,498 feet in 1921 in Mitchell County.

Deeper wells were drilled in the 1930s and 1940s, but this vast basin which underlies an area approximately 250 miles long by 300 miles wide, is essentially a shallow, relatively low cost/ low risk play which is characterised by long life, low decline wells. The Basin has remained highly productive to this day with companies producing relatively small amounts of oil per well but drilling a great number of wells. Not a few E & P companies believe that the basin still has some way to go in...