RE: Weekend fun!2 Dec 2018 13:59
Additional Information
In the Tobifera interval over 120m of hydrocarbon shows and elevated gas of C1-C5 composition were recorded with gas peaks of over 50,000 ppm, as measured against referenced background gas levels of 3000-6000 ppm outside of the zone. The shows, gas readings and associated lithology encountered in the Tobifera led the Company to deepen the well by a further 210m compared to the planned total depth in two additional tranches.
Not all of the column interpreted will produce hydrocarbons, with intervals of effective pay interpreted as being associated with the very elevated gas readings recorded over some 120m of the section. These are likely to correspond to zones of natural fractures in the formation, with additional potential from the interpreted hydrocarbon column likely to require fracture stimulation as is employed elsewhere in the Austral Basin. Initial assessment of the fluid type is a light oil based on pressure data, and results are very encouraging, but the Company notes caution should be applied prior to testing of the well.
In the shallower Springhill target, the well encountered over 20m of hydrocarbon shows. The shows in the Springhill target were associated with elevated gas with peaks of over 137,000 ppm, as measured against referenced background gas levels of less than 7,000 ppm outside of the zone and the Company is currently evaluating the effective net pay across the Springhill section encountered.
It should be noted that Pre-drill Pmean gross prospective unrisked oil initially in place for the structure targeted by EMS-1001 were estimated at approximately 60 MMbbls for the Springhill Formation, (included in the recent Competent Person's Report produced by Gaffney Cline & Associates). No resources were quoted for the Tobifera target as these were not evaluated or audited as part of the CPR process.
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