RE: RNS25 Feb 2026 07:18
2nd part
Update on Bonasse field drilling programme
Well BON-18 has been drilled and completed as an offset to the original BON-2 well.
While drilling the shallow section, a better-than-forecast Upper Cruse interval was encountered between 584 and 628 feet, which corresponds to a zone that has historically produced 15,977 barrels of oil in the offset well BON-2. The team opted to complete the well at this shallower depth.
In addition, two shallow oil-bearing sands were encountered between 270 and 374 feet. An operational decision was taken to log and evaluate these zones rather than deepen the well and risk potential production impairment
BON-18 commenced production at an initial rate of approximately 5 barrels of oil per day (BOPD), which in itself allows payback of drilling costs within six months. Improvements to pumping efficiency are planned following the completion of BON-19 operations.
In order to allow more time for approvals and additional procurement for the deeper well, the team opted to change the drilling sequence by drilling a second well to investigate the shallow sands encountered in BON-18.
Therefore following completion of BON-18, the drilling rig was moved to a new location to test the shallow oil potential identified during the BON-18 program. BON-19 was designed based on the shallow oil sands encountered in BON-18 and is targeting a production interval between approximately 250 and 300 feet. The well is currently awaiting completion and is expected to commence production thereafter.
Having the Rig flexibility to explore the unplanned for, newly encountered shallow anomalies in BON-18, the team can now revert to the original exploration of the deeper BON-2 play, and is proceeding from BON-19 to drill BON-20 to achieve this.
Forward Plans
The rig will next move to the BON-20 location to drill the originally planned for exploration well, now to approximately 1,750 feet, to test deeper sands, including intervals producing in BON-2 and below those producing in BON-18. The well is located near BON-18 and will target the CR5 and CR6 intervals at approximately 500-600 feet and 1,500-1,600 feet, respectively.
Goudron field
In Goudron, three wells have been submitted for the execution of heavy workovers, with one completed, one currently in progress, and the other pending approval.
The geological and reservoir engineering teams are conducting detailed evaluations to identify the most suitable heavy workover candidates. The team has opted to correlate these heavy workover results with a planned development well program, prior to final regulatory drilling approvals. Additional drilling candidates are also being reviewed within the Goudron field.
Inniss-Trinity
A full field review is underway to identify potential wells present in the field that are not yet formally included under the Company's well listing, which may introduce opportunities to expand the active well inventory and production