Close to the 1994 2.76%2 Jun 2026 07:53
The extended production test continues to generate valuable technical information and has significantly improved our understanding of the Leadville reservoir. The data collected to date supports a progression to a larger fracture stimulation programme designed to improve communication with the broader Leadville reservoir and provide a more meaningful assessment of the formation's production potential."
Importantly, the programme has generated exactly the type of reservoir data we set out to obtain. Every stage of testing has improved our understanding of the Leadville Formation and helped define the most effective path forward. The information gathered so far is helping us optimise the programme as we work towards evaluating the commercial potential of the Leadville Formation.
The planned fracture stimulation work is designed to enhance connectivity with the formation and should provide a much more meaningful assessment of reservoir performance. We are encouraged by the results obtained so far and believe the programme is advancing into a particularly important phase.
Preliminary gas analysis has also been encouraging, with the raw gas encountered during the current programme showing close similarities to the gas analysis obtained from Sagebrush-1 in 1994, which previously indicated helium content of 2.76%. Whilst further analysis remains ongoing, this represents another encouraging outcome from the programme to date.
We look forward to updating shareholders as operations continue and additional data becomes available."
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