In the past two months, the UK company INEOS, who bought quite a few acres from Crawford Hughes, has received three permits to drill the Austin Chalk for oil in Fayette County.
Two wells were permitted in April, and the third was just permitted.
Here’s a little background:
Ineos plans to begin fracking in Texas
Those first two wells are just NW of La Grange, while the third is just SW of La Grange down 609.
Given the cost to drill and frac a well, and the current price of oil, I can’t really say whether they’ll be in a hurry to do any of these. But, it is their money.
Since they bought all that acreage last year, they probably had to pay more for it than had it been purchased today. But, I have absolute ZERO information on that.
In any case, let’s all wish them the best of luck.