To farm-in to leasehold interests covering 344 gross acres on the southern side of Allen Dome in Brazoria County, TX.
Titan Energy Ltd., West Perth, Australia (Australia: TTE) plans to farm-in for an 87.5% working interest in a section of the Allen Dome salt dome project area in Texas from an undisclosed seller for US$244,000.
Titan has exercised the option to farm-in to leasehold interests covering 344 gross acres (316 net mineral acres) on the southern side of the Allen Dome in southwestern Brazoria County.
Titan has also committed to commence drilling a three-well program on the leases within the prospect area, or lands pooled therewith, in third quarter 2012.
Titan Energy managing director Stephen Thomas says, “Our detailed assessment of the 3D seismic and historic drilling data from the area has highlighted a number of locations for us to follow up with drilling.”