Permex Petroleum Corporation, a junior oil and gas company, is pleased to announce that the Company has started drilling on its Breedlove Field Prospect located in Martin County, Texas.
The PPC Eoff #3 well, operated by Permex Petroleum, is the first well to be drilled on the 7,780 gross acre Breedlove oil field. Two initial wells have been permitted and are expected to be drilled and completed on the property in the short term.
Permex Petroleum President and CEO Mehran Ehsan stated, “This makes for a transformative step towards the Company’s next phase of growth and scalability. We are excited to not only have started the drilling program, but to aggressively take advantage of the current high price environment and move the Company towards a cash-flow positive position.”
Drilling of the first well commenced on Wednesday, September 14, 2022, with a possible lateral conversion to follow upon successful mud logging and various zone tests. The drilling and completion of the vertical well will take approximately 60 days and for the horizontal well 90 days.
