MORNINGSIDE OIL PROSPECT NOW ON PRODUCTION
Thursday, 08 November 2012
Ltd ("The Company") is pleased to announce that it has completed
construction of the battery facility at the Company’s Morningside discovery
well (15-23-42-28W4M). The well has now
been placed on production with all equipment being powered by casing head gas.
Rates of production will be announced when stabilized. Water cut is minimal.
Based on the response, additional offset wells are being proposed, and can now
be directionally drilled from the current surface lease containing gas pipeline
and battery facility.
Morningside is a multi-zone prospect with additional targets
in the Basal Quarts ( Ellerslie) formation and bypassed gas targets in the
Glauconitic, Ostracod, Belly River and coalbed Methane (CBM) formations.
Petromin farmed out the drilling of its’ 50% working
interest at no cost to the Company whereby the Company retains a gross
overriding royalty before payout , convertible to a 25% working interest after
The Company retains a 50% working interest in the undrilled
acreage and anticipates further development shortly.