"Based on further analysis of the results of the recently drilled Fatala-1 exploration well regarding the oil saturation calculation -- plus our internal review and the log analysis conducted by eSeis, an independent geophysical and petrophysical consultant -- we believe we have made a petroleum discovery that implies the presence of commercially exploitable resources as specifically defined in our Production Sharing Contract," said
"We will be developing an appraisal work program and budget that we intend to present and discuss at an
"We remain committed to seeking to create value for our investors," Leonard said. "While SAPETRO has decided not to continue exploring with us in
However, further detailed study of the well logs identified five meters of calculated hydrocarbons in the upper Cenomanian channel (Cenomanian 03) located above the primary target formation. The five-meter sand has an average porosity of 17% and a hydrocarbon saturation of 61%. A minor background gas increase was also observed while drilling through this interval. The well was drilled on the edge of this channel, and the well result will be integrated with the seismic data to determine the commercial potential of this zone.
Forward Looking Statements
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President and Chief Executive Officer
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