Results in a 2-for-1 test on the Mt. Messenger and Moki Formations

Drilled 3.5 km NW of the existing Mt. Messenger producing wells, our Cheal C1 test proves that Mt. Messenger’s oil saturated sandstone (~1600 m) extends further than was previously known. We encountered over 15 meters of net oil-and-gas bearing sandstones with good porosity and free oil.

Though Mt. Messenger was our primary objective, we deepened it with a wildcat well to a total depth of 2382 meters to test the down-dip edge of a large closure within the deeper Moki Formation (~2200 m). We encountered strong oil and gas shows within a 73-meter thick, high-quality section of porous and permeable sandstone. We’ll drill any future wells directly targeting this Moki Formation structure in an updip position, which could intersect substantially more of the hydrocarbon-charged Moki sandstones.