Fausse Point
Verus has acquired a 45% Joint Venture working interest in the Fausse Point Exploration Project. Joint Venture partners include Pass Petroleum LLC (Pass) 27%, Golden Gate Petroleum (ASX:GGP) 18% while the promoter has 10%.
The Project is located onshore, approximately 140 kms west of New Orleans, in an existing established oil and gas province of Louisiana where the salt dome complex has previously produced more than 44 million barrels of oil and 141 billion cubic feet of gas. Local market, production facilities and experienced service companies are readily available in the area ensuring that any discovery can be quickly brought into production.
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The project area of over 350 acres lies on the relatively unexplored and undeveloped south side of the salt dome. Recent aggregation of small landholdings has enabled the Joint Venture to realise this region’s potential.
Fausse Point is a new discovery in a new play type with original primary targets yet to be fully tested. We are expecting production to start by June. Potentially, Fausse Point could be connected to a larger hydrocarbon accumulation.
There are six intervals of interest across three separate gas and oil formations starting at 7,000 feet with primary targets still to be tested once lowest zone is fully evaluated.
Permanent road access has been completed and importantly, as well as providing access to FP #1 Well, the road will allow easy access to the potential location of FP #2 appraisal well location.
Our plan is to bring the lowest interval into commercial production as soon as possible and then continue to explore the remaining project area.