Frm Canaccord's Morning Coffee Newsletter Dec 3 Border Petroleum* (BOR : TSX-V : $0.13), Net Change: 0.03, % Change: 23.81%, Volume: 2,149,695
Rising out of the Red Earth. Shares of Border Petroleum, an oil & gas junior, found bids after announcing the success drilling of its first long-leg Slave Point horizontal well located at 10-15-85-10W5M in the Red Earth area of northern Alberta and the commencement of completion operations. The 10-15 Well was drilled to a total depth of 3,250 m, including a 1,630 m horizontal leg. The logs indicate 952 m of horizontal wellbore with 3-9% porosity and 454 m with over 9% porosity including 256 m that exhibited significant dolomitization with 20-33% porosity.
The logs indicated the presence of hydrocarbons in the Slave Point formation confirming what was seen in rock samples and recorded by the gas detector during drilling.
The horizontal leg of the well was extended by approximately 250 m to test the extent of the higher porosity formation encountered at the toe of the well. Border anticipates that the well will be completed within the next three weeks and on production test before year-end.