During the quarter ended 30 September 2010, drilling commenced on the initial test well, the Riggin #1, which was completed in the Mississippian formation for production and achieved commercial production in November 2010.
After initial production rates in the 50-70 barrel per day ranges, the well has leveled off at a steady production rate of approximately 30 barrels per day, with virtually no water cut, the company said.
During the quarter ended 31 December 2010, drilling commenced on the second test well, the McCarthy #1, which achieved a total depth of 10,500ft.
The well was logged and several zones including the Upper Spraybury formation, the Pennsylvanian formation and the Mississippian formation showed the presence of hydrocarbons.
The Mississippian formation in particular showed over 25ft of pay with porosities up to 14%, and the completion of that zone is planned with flow rate tests on the well scheduled for the week of 14 February 2011.
Senetek president Howard Crosby said that the company is expecting the McCarthy #1 well to be a very productive well from the Mississippian horizon.
