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Well Result
Well Result.
About this update from Nativo Resources Plc
[{"type":"text","content":"\n RNS Number : 2334U Independent Resources PLC 12 October 2010 \n \n\n12 October 2010\n \n \nIndependent Resources plc \n(\"IRG\" or \"the Company\")\n \nSidi Toui - 4 (\"ST-4\") Well Results\n \nIndependent Resources plc announces that the CTF Rig 06 has reached total depth in the Sidi Toui-4 (\"ST-4\") exploration well at 1603 metres (along hole measured depth, corresponding to a true vertical depth sub sea level of 1009 m). The ST-4 well was designed and successfully drilled as a deviated wellbore through the Upper Ordovician, penetrating 364m of the objective Bir Ben Tartar Formation at an average deviation angle of 77 degrees.\n \nAlthough oil and gas shows were encountered in the Bir Ben Tartar reservoir unit, evaluation of the extensive logging suite acquired in the Ordovician section indicates that the oil saturation and reservoir fracturation is insufficient at the ST-4 location to justify fracture stimulation and testing of this well bore. \n \nThe well will now be plugged and abandoned, without testing, and the CTF Rig 06 will be demobilized. \n \nThe Oryx-1 and Sidi Toui-4 wells form part of the work programme that was agreed when Petroasian Energy Holdings Limited (\"Petroasian\") farmed into the permit. Petroasian is committed to finance all of the joint venture's work commitments in the current programme, including the drilling of these two wells, up to a maximum of US$14.5 million. On current best estimates, IRG expects to have to make a modest contribution to the overall cost of this two well exploration programme, of the order of US$185 thousand.\n \nExecutive Chairman Grayson Nash commented: \"the ST-4 well had its share of operational difficulties and delays and this makes its outcome even more disappointing. However the extensive logging data collected in this well will now be used to analyze the remaining prospect inventory on the Ksar Hadada block. The joint venture will review all the data collected from the ST-4 and Oryx wells before making a decision on whether to extend operations on the block.\"\n \nThis announcement has been reviewed by Roberto Bencini, Technical Director of Independent Resources, for the purposes of the current Guidance Note for Mining, Oil and Gas Companies issued by the London Stock Exchange in June 2009. Mr. Bencini is a c...