RE: ***Just jumped to up 25% ***3 Apr 2023 16:27
From the RNS:-
Hickory-1 successfully drilled to a Total Depth (TD) of 10,650 feet with preliminary net pay calculated across all pre-drill targets;
o based on initial interpretation of real time logging while drilling data (LWD), together with multiple oil shows, elevated mud gas readings, and high resistivity signatures observed throughout.
· SFS reservoir exceeded pre-drill expectations with respect to both thickness and reservoir quality identifying multiple potential hydrocarbon bearing zones.
· New Upper SFS reservoir identified, not previously intersected by nearby wells with abundant oil shows in cuttings.
· Mud gas readings in both SFS and Upper SFS reservoirs greater than 15x background gas.
· BFF reservoir was consistent with pre-drill expectations.