Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

WHL Energy Continues To Monitor Progress At Shell's Palta-1 Well

WHL Energy (ASX: WHN) continues to observe Shell's (LON: RDSA) Palta-1 exploration well in the Exmouth Sub-Basin offshore Western Australia after drilling re-commenced.

Drilling of Palta-1 was reportedly forced to halt for 54 days after a problem was identified with the blow out preventer on board the Noble Clyde Boudreaux semi-submersible drilling rig.

"We will continue to closely monitor activities at Palta as it potentially offers significant upside to our company and its shareholders, at no cost," WHL managing director Steve Noske said.

Palta-1 was spudded on 14 October targeting the Palta prospect in WA-384-P.

Palta is believed to host up to 13.5 trillion cubic feet (Tcf) of gas of which 2.5Tcf is mapped by WHL to be located within WA-460-P permit, which is held equally by WHL, Cott Oil and Gas (ASX: CMT) and Strike Energy (ASX: STX).

A success at Palta go a long way towards de-risking WA-460-P and could also assist with the placement of 3D seismic the joint venture plans to acquire in 2014.

WHL had $8.2 million in cash as of 31 December 2012.

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX "Small and Mid-cap" stocks with distribution in Australia, UK, North America and Hong Kong / China.