Lancaster Resources Receives Administrative Approval for Maiden Drill Program
Lancaster Resources, Inc. has received administrative approval to commence a maiden drill program at its well located in Jonesville, North Carolina. Lancaster Resources is a mid-size exploration and production company focused on the Appalachian Basin.
The approved drill program comes as part of Lancaster Resources’ wider strategy to grow its position in the distressed Appalachian Basin. The company is pursuing multiple development initiatives across the basin, including the discovery of additional resource potential.
The maiden drill program will consist of multiple vertical and horizontal wells using state-of-the-art drilling technology and completion techniques. It is expected to commence in the fourth quarter of 2021. Once drilling begins, Lancaster Resources will be able to gain a better understanding of the geology of the basin in a move to increase the company’s oil and gas reserves.
In addition, Lancaster Resources anticipates that the program will allow it to improve its overall production in the basin and consequently enhance its overall earnings. This in turn will provide the company with a competitive advantage when negotiating production contracts with customers.
The maiden drill program is also expected to allow Lancaster Resources to better control costs associated with exploration and production activities in the basin. The company expects that by using the most effective technologies and more efficient completion techniques, it will be able to lower its exploration and production costs relative to the costs of similar programs conducted by its competitors.
By successfully executing the maiden drill program, Lancaster Resources will be one step closer to firmly establishing itself in the Appalachia Basin and realizing its growth potential. This is an exciting time for the company and its shareholders, as a successful drill program could result in a significant return on investment for Lancaster Resources.
