Winchester was established in 2014 with the objective of acquiring oil and gas leases and working interests (WI) in areas situated on the Eastern Shelf of the Permian Basin in Texas, USA, a location which offers prospective Cline Shale unconventional oil opportunities at shallow depth together with attractive conventional oil targets in the Ellenburger Formation at slightly greater depth.

The founders and existing management team of Winchester have a proven track-record of both commercialising and realising significant value uplifts in both conventional and unconventional oil and gas plays in the USA.

Winchester has a highly skilled and innovative technical team that is continually reviewing and assessing formation and reservoir characteristics, opportunities for additional prospective acreage and drilling and completion techniques with a view to optimising production and identifying opportunities. This work has identified several exciting opportunities to expand net acreage at low cost as well as optimising production and well efficiency through techniques such as short radius lateral wells.  

Importantly, Winchester currently controls over 19,000 acres in the Permian Basin and, despite huge upside represented by a plethora of unconventional and conventional targets in the shallower clays and sands (including the Wolfcamp, Cline, Canyon and Strawn formations), is currently producing significant oil from the lower conventional Ellenburger Formation.     

Winchester is an oil and gas developer with a dominant land position with operatorship of its leases. The Permian basin is one of the lowest cost oil and gas jurisdictions in the world with the Company benefitting from low drilling and operating costs, allowing Winchester to produce oil commercially at prices as low as US$25 a barrel.

Relatively inexpensive drilling and well completion has allowed Winchester to rapidly and efficiently build its production profile, with an initial objective of using cash flow to finance all future drilling and completion work. Winchester believes that continued production and development will result in a greatly increased valuation of the Company.