GAS2GRID Ltd

GGX was removed from the ASX official list from the close of trading on 28 August 2025 for not paying annual listing fees. The shares had been suspended since 1 September 2023; the Cebu contract, farm-ins and French appeal remain unresolved in the record.

registration revoked

June quarter: GGX says it is close to farm-ins of 50% and 60% in two Philippine contracts, and the Cebu contract still awaits signature. It says reinstatement before 1 September 2025 is unlikely, so delisting looms. Plan: hold the interests in subsidiary Max-E Limited, seek a separate ASX listing, and possibly distribute shares to shareholders, subject to approval.

quarterly activities report

September quarter: the DOE finished evaluating the Cebu application and will issue a Notice of Qualification with contract copies for execution, then the President must sign, timing uncertain. GGX is finalising terms for one Philippine farm-in. French appeal and suspension continue.

quarterly activities report

No challenge was made to GGX's Cebu application, and the DOE declared it complete on 27 September 2024. It covers about 127,475 hectares, larger than SC44. Award hoped for by end of December 2024; GGX will talk to ASX about reinstatement.

regulatory community update

The Pau Tribunal awarded GGX only €60,342.25 plus interest and €1,500 costs against its €34.35m St Griede claim; the rest was dismissed. This resolves the long-awaited hearing, a near-total loss. Lawyers see grounds for appeal, with a decision pending.

drilling result

ASX suspends GGX securities from close of trading on 1 September 2023, finding operations inadequate under Listing Rule 12.1. This is the outcome of the March 2023 notice. The suspension lasts until the company shows compliance.

listing compliance notice

ASX has refused the company's request to extend the 1 September 2023 deadline to 31 December 2023, so suspension from quotation is expected. The company will seek reinstatement once the new Philippine contract is granted, which it expects may take 3 to 4 months.

listing compliance notice

March quarter: company says negotiations with the Philippine DOE concluded satisfactorily and it is finalising documents for a new Service Contract. The ICC action is suspended. It has paused eastern Australia searches, citing the $12/GJ gas price cap. French hearing date still not advised.

quarterly activities report

ASX has ruled that Gas2Grid's level of operations does not satisfy Listing Rule 12.1. The company has until 1 September 2023 to show compliance, or ASX intends to suspend its shares from quotation. The company points to a possible restart in SC 44.

listing compliance notice

Gas2Grid and Santos agreed to terminate the proposed Cooper Basin farm-in because the work commitments cannot be met within the licence time frames. The company is seeking other Cooper Basin farm-ins, leaving it with no Australian project.

material agreement termination

The Conseil d'Etat declined to admit the company's appeal over the annulled €383,500 penalties, which had been paid in 2018. This ends that appeal; lawyers are advising on further steps. The €34.35m claim still awaits a hearing date.

regulatory community update

Binding term sheet with Santos to acquire 60% of Cooper Basin licences ATP 1063 and ATP 1174 by funding 100km of 2D seismic and one well (about $3m). Replaces the lapsed Armour deal; equity raising will be needed and work programs need government amendment by 1 Oct 2022.

farm in farm out agreement

Gas2Grid and Armour have ended attempts to finalise binding agreements for the Surat Basin farm-in proposed in November 2021. The company keeps looking for onshore eastern Australian assets. This ends its only announced Australian project, despite January's 'nearly finalised' statement.

material agreement termination

Non-binding heads of agreement with Armour Energy to earn 50% of the Riverside and Myall-Bainbilla blocks in Queensland's Surat Basin by funding seismic and three wells, over $12m in total. Drilling is targeted for early 2022. It gives the company its first Australian project since the Philippine termination.

farm in farm out agreement

The DOE rejected the company's reconsideration request and reiterated termination of SC 44. The company calls this wrongful and is studying legal remedies. This confirms the loss of the Philippine permit unless a challenge succeeds.

regulatory community update

The entitlement offer closed with eligible shareholders taking only 52.9m of 2,044.6m shares ($158,805). The directors' entities took up the 1,991.6m-share shortfall ($5.97m). Shares issue on 7 July 2021.

capital raising announcement

The Philippine DOE has terminated Service Contract 44, rejecting the company's March 2020 force majeure claim, with no explanation given. The company will seek reconsideration. This is a major blow to its only drilling project in the Philippines, the Malolos field.

regulatory community update

The company relaunched a fully underwritten 1-for-1 entitlement offer at $0.003 to raise about $6.13m. Directors Morton, Sam Yue and Munns underwrite $1.81m, $2.07m and $2.25m, and proceeds repay their loans, cutting company liabilities. Closes 1 July 2021.

capital raising announcement

March quarter: SC 44 stays suspended with no DOE response, and no hearing date is set for the France claim. The company raised $2.542m in placements, 399m shares at $0.0037 (26 Feb) and 266.5m at $0.004 (24 Mar), for new ventures and working capital.

quarterly activities report

The French Government lodged a defence on 15 February against the €34.35m claim. Separately, Bordeaux's appeal court annulled the 2018 judgment behind the €383,500 penalties already paid to the company; it will seek redress, possibly via the Conseil d'Etat. This is a setback.

regulatory community update

AGM address: the company says frustration with the Philippines and France, plus Australian opportunities, means it is now reviewing Australian oil and gas acquisitions. It is also looking at restructuring a balance sheet with large amounts owed to directors. This marks a shift away from Philippine focus.

agm notice

Nuevo Malolos-1 hit trouble: a dropped pry bar wedged the drilling assembly at 837m depth after the well was cleaned out to 1,913.7m. Attempts to free it failed, the well is suspended over the holidays, and equipment may need importing. This delays the deepening.

drilling progress report

The company instructed French lawyers to lodge a €34.6m (about A$55m) damages claim in the French tribunal over the St Griede non-renewal, as the Ministers did not respond in two months. The company says it has a good chance of success, but the outcome is unknown.

regulatory community update

Site operations for the Nuevo Malolos-1 deepening began on 9 September 2019, meeting the DOE's end-September start deadline. Rig-2 will be moved about 20m, then the well deepened from 1,941.5m to a proposed 2,250m TVD to test two known oil sandstones.

drilling spud

Entitlement offer closed with applications for only 112.8m of 572.2m shares (about $338.5k of $1.717m). The 459.4m-share shortfall ($1.378m) is to be placed with investors within 3 months. Funding for the well remains dependent on that placement.

capital raising announcement

The DOE granted until end of September 2019 to start deepening Nuevo Malolos-1, easing the SC 44 termination risk. The company urges eligible shareholders to apply for the offer, which closes 26 July.

regulatory community update

The Philippine DOE denied the force majeure request to delay Nuevo Malolos-1 drilling, requiring drilling by 3 July 2019 or risk SC 44 termination. The company will challenge the decision; the DOE decision now affects the capital raising.

regulatory community update

Entitlement offer closing pushed from 27 May to 28 June 2019 as drilling is deferred to July because of Philippine elections. The company discloses SC 44 depends on finishing the well by July 2019, and the DOE could terminate it if it refuses more time.

capital raising announcement

Launches a 1-for-2 non-renounceable entitlement offer at $0.003 per share to raise about $1.717m, a 25% discount to the last sale price. Not underwritten. Funds go to deepening Nuevo Malolos-1, meeting the SC 44 commitment; this is the equity raising flagged earlier.

capital raising announcement

March quarter: the company told French Ministers on 23 April 2019 it renounces its St Griede renewal rights, citing sovereign risk, ending that long fight. Nuevo Malolos-1 deepening is now planned for May and new capital is needed.

quarterly activities report

Bordeaux Court of Appeal annulled the Pau order granting a 5-year St Griede extension, but told the Ministers to reconsider a second 5-year term within 2 months, with €1,000/day penalty for delay. This partly resolves the appeal, with the permit outcome still open.

regulatory community update

The Philippine DOE approved extending SC 44 to September 2020, ending the long wait for a decision and giving security of tenure. The company plans to deepen Nuevo Malolos-1 using its own rig, funded from existing funds and new funding initiatives.

regulatory community update

The French Government has paid €414,400 (about A$662,000): the €383,500 St Griede penalty plus €1,200 costs, and €29,700 for Mirande. This resolves the penalty thread and adds cash; the Bordeaux appeal on the permit remains pending.

regulatory community update

The Pau Tribunal directed the French Government to pay Gas2Grid €383,500 plus €1,200 costs for the St Griede delay penalty, with no appeal available. This resolves the penalty claim; the Bordeaux appeal on the permit itself is still pending, with submissions closing 14 September 2018.

regulatory community update

The company placed a further 100 million shares at $0.0025 to raise $250,000 for working capital, at the same price as the SPP. It was made under shareholder approval from the 9 February 2018 meeting.

capital raising announcement

France rejected the Eauze application (3,172 km2) under the new law. All three Aquitaine Basin applications, lodged 2010–2011, have now been rejected; the company has 2 months to object.

regulatory community update

France rejected the Mirande application (3,642 km2) under the new law, after the July 2017 court had ordered the Minister to decide. The company has 2 months to object and will seek legal advice.

regulatory community update

The SPP closed early, fully subscribed at $0.0025 per share, raising the $250,000 target without scale back. All three directors applied for their maximum $15,000 each.

capital raising announcement

France rejected the Tartas permit application (2,821 km2, lodged 2010) under the new December 2017 law, despite officials having recommended grant in 2015. The company has 2 months to object in the Tribunal.

regulatory community update

The company announced a Share Purchase Plan of up to 100 million shares at $0.0025 to raise up to $250,000, a 16.6% discount to the five-day VWAP. Funds are for new ventures and working capital. This is the first equity raising since 2013.

capital raising announcement

A French decree of 8 December 2017 extended St Griede only to 31 May 2018, over a reduced 652 km2 area with a €1,176,860 minimum work commitment. The company says this does not satisfy the Pau judgement's 5-year extension; the Bordeaux appeal is still pending.

regulatory community update

AGM presentation says SC44 is in limbo, with the DOE decision awaited for over 12 months, and France is shutting down petroleum exploration. The forward program is to acquire new petroleum assets, likely overseas. This signals a shift in focus.

investor presentation

The SC44 moratorium expired 27 January 2017. The DOE denied more time, so the company applied for force majeure; rejection would end SC44 tenure. France appealed the St Griede judgement on 3 January 2017, reopening the earlier court win.

quarterly activities report

The Pau tribunal annulled the Ministers' September 2015 refusal and ordered a 5-year St Griede extension from 3 November 2016 within 30 days, with a €3,000 daily penalty for delay. This resolves the challenge in the company's favour, though the parties have 2 months to appeal.

regulatory community update

The Conseil d'Etat refused to admit the Minister's appeal against the December 2015 suspension ruling, saying no argument was presented to justify admission. The suspension stands, which the company says strengthens its legal rights over St Griede; no renewal has yet been granted.

regulatory community update

A French tribunal judge suspended the Ministers' refusal to renew St Griede on 29 Dec 2015, finding an error in law and no public-order risk from the permit itself. Ministers have 2 months to reconsider and 2 weeks to appeal. This is a first win in the challenge.

regulatory community update

Directors were told verbally in Paris that France will not renew the St Griede licence, apparently over local political and public-order concerns. This ends hope of the renewal pending since 2013. The company is seeking advice; Tartas is recommended for grant.

regulatory community update

The DOE approved the two-year technical moratorium on SC 44, running 28 January 2015 to 28 January 2017. This resolves the application and gives security of tenure to prove commerciality and win a 25-year production term. It may also help the farm-out search.

regulatory community update

June quarter report: the Malolos-1 test sustained 33 bopd and briefly about 200 bopd, with perforations repeatedly blocked by fines. Sufficient data gathered for a DOE application lodged in July. The rights issue was withdrawn on 12 June due to low acceptances, with the share price below the 3 cent issue price.

quarterly activities report

Both Malolos sandstones were tested separately and are oil-bearing. The lower one made over 100 bopd with more water, and fines limit rates. Malolos-1 is suspended while the company applies to the DOE for more time. Seismic is planned and a farminee is sought.

well test result

Launches a 1-for-4 non-renounceable rights issue at 3 cents to raise about $5.1m, with a free $0.04 option (expiring 15 September 2015) per share. Not underwritten. Funds go to Philippines appraisal, French exploration and working capital. Shares would reach about 927m.

capital raising announcement

The Philippine energy department gave written approval to start the Malolos-1 extended oil production test, with initial production likely in April. This clears the approval awaited since January. A 25-year production period depends on proving commerciality.

regulatory community update

Independent assessment lifts the Malolos contingent resource (2C) to 20.4 MMbbl oil in place from 12 MMbbl (1C 6.8, 3C 68.1). It also adds a new unrisked prospective resource of 104 MMbbl (14-601) in SC44 leads. Farm-out talks continue; no deal yet.

resource reserve update

The Philippine energy department formally recognised Malolos-1 as an oil discovery and extended SC44 for 12 months from 28 January 2014 to prove commerciality. This resolves the October application. Longer testing is planned for February, costing US$0.5-1m, subject to equipment.

regulatory community update

Company applied to the Philippine energy department to declare Malolos-1 an oil discovery, citing indicative test rates of 100-200 barrels a day. If approved, that gives 12 more months to test. Extended testing is estimated at US$500,000-$1m; farm-out of SC44 is still being discussed.

regulatory community update

Placement raised $1,625,460 from 73.88m shares at 2.2 cents, a 20.8% discount to the 15-day average. That is below the 3 cent plan price. Funds go to Malolos-1 flow testing, St Griede and working capital. Company says it is talking to potential farm-in partners.

capital raising announcement

Malolos-1 testing is complete. Both gas zones were tight or water-bearing and will not be pursued. The 4-42 million barrel (12 million best) oil resource stands, and oil is 39°API. Months of production testing are planned from H2 2013. Cash was about $1.7m and shares on issue 647m.

well test result

The Share Purchase Plan and shortfall raised $1,203,600 from 40.12 million shares at 3 cents. A shortfall of 59.88 million shares ($1.8m) is to be placed in coming weeks. Funds go mainly to the Malolos-1 workover.

capital raising announcement

First Malolos oil contingent resource: 12 million barrels best estimate of oil in place, ranging from 4 million to 42 million. It covers the two lower sandstones, and no seismic exists to confirm the trap. It follows the earlier dry wells.

resource reserve update

The upper Malolos-1 sandstone gave 30 barrels of clean oil with no water in 2.5 hours of swabbing before equipment broke off in the hole. Management concludes both oil sandstones can produce. Gas zone testing is next.

well test result

The upper Malolos-1 oil sandstone was perforated, with guns coming out covered in oil. The lower sandstone flowed oil to within 22 m of surface plus unmeasured gas. Management says it is capable of oil production, but a development decision awaits further testing.

flow test result

Share Purchase Plan offered to existing holders at 3 cents a share, up to A$3m (100m shares), with $1,200-$15,000 per holder. The price is a 14.3% discount to the five-day average. Funds go to finishing Malolos-1, St Griede seismic preparation and working capital.

capital raising announcement

Half-year accounts report a working capital deficit of $467,084 and a material uncertainty about going concern. Drilling costs on Jacob-1, Gumamela-1 and Ilang-1 were written off. A $1.25m facility from a company controlled by MD Morton was drawn by $1.2m in January 2013. No Jacob-1 discovery is expected.

half year report

Ilang-1 (5 million barrels) is deferred because Jacob-1 and Gumamela-1 raise a high risk that the target sandstones are absent. Rig-1 repairs are done, and swapping in Rig-2 at Malolos-1 is being considered. The company is also reviewing offers to hire out its rigs.

drilling scheduled

Gumamela-1 was plugged and abandoned at 1,051.6 m, with no significant porosity in the limestone or the sediments below it. It is the second dry result in a row. The Ilang-1 drill decision is now under review, and Rig-2 is on standby.

drilling result

Gumamela-1, the second of the three SC44 wildcats (15 million barrels recoverable potential), spudded on 16 December 2012 and was at 57.6 m. Drilling is planned to 1,000-1,300 m over about 25 days, following the disappointing Jacob-1.

drilling spud

Jacob-1 was stopped at 664.5 m with no reservoir limestone and no hydrocarbon shows, and mud kept being lost in fractures from 519.1 m. Wireline logging follows. The 50 million barrel prospect looks unsuccessful, though the fluid in the fractures is unknown.

drilling result

Jacob-1, the first of three back-to-back SC44 wildcats and the largest prospect at up to 50 million barrels, started drilling at 1930 hours EDST on 23 October. It was at 32 m the next day. This follows several months of delays.

drilling spud

Raised $2.03m by placing 31.26m shares at $0.065, a 5.8% discount to the 10-day average price. It covers the shortfall after about 34.2m $0.05 options lapsed unexercised on 15 June, which would have raised about $1.71m. Funds go to SC44, St Griede and working capital.

capital raising announcement

Company bought an 800 HP drilling rig (in Taiwan) and a Philippines workover rig after citing extensive delays and cost overruns with contractors. Jacob-1 has DOE approval and drilling is targeted for July. Farmout talks continue but are said not to affect timing.

asset acquisition disposition

Adds a $700,000 placement of 17.5m shares at $0.04, on top of the $3.1m (77.5m shares at $0.04) committed on 14 March from directors and investors. Funds go to SC44 drilling; shares on issue rise to about 473.6m.

capital raising announcement

Over 20 barrels of oil plus gas flowed to surface from Malolos-1, but junk left in the well in 1960 blocks the 2,173 m main oil target, and a milling attempt failed. Testing that oil zone is delayed to 2012, using the drilling rig.

well test result

29.2m of the 33.2m options were exercised at $0.0496, raising about $1.45m; 4m lapsed. Another 1.39m shares were issued to settle seismic invoices and exercise other options. Shares on issue rise to 375.7m.

security holder rights change

Gas2Grid agreed to buy Flow Energy's 50% of the St Griede licence in France for $900,000 cash, taking it to 100%. A new seismic survey is planned for first half 2012 and one well by Q1 2013.

asset acquisition disposition

Malolos-1 Phase 2 workover to start within the week, now adding nitrogen stimulation of shallow gas zones. The Philippines DOE granted an 18-month extension to drill the three outstanding SC44 wells, now planned for second half 2011, easing the licence deadline.

drilling scheduled

Substantial shareholder Darren Reeder joins the board as a non-executive director. He holds 14.96%, is Singapore-based and runs an oil field services business in south Asia, with Philippines workover experience.

director officer appointment

The rights issue closed under-subscribed: acceptances for 49.5m of 76.9m shares. The remaining 27.4m shortfall shares go to the underwriter Budside, controlled by MD Morton, so the raising is still completed in full.

capital raising announcement

Gas2Grid offers a 1-for-3 non-renounceable rights issue of about 78.35m shares at $0.025 to raise about $1.959m, each with a free $0.05 option expiring 15 June 2012. Fully underwritten by Budside, controlled by MD Dennis Morton. Funds go to exploration and working capital.

capital raising announcement

Malolos-1 Phase 1 workover is complete: natural gas is confirmed and several gas-bearing sandstones are identified, including a 23 m gas column, but there was no sustained flow. The well is suspended. Phase 2 slips to Q3 2010, dependent on equipment, funding and approvals. 37 km of seismic acquired so far.

well test result

Gas2Grid places 52m shares at $0.025 to raise $1.3m, with a free 52m options (exercise $0.05, expiring 30 Sept 2011) subject to shareholder approval. Half the shares need approval. Funds cover working capital, costs of the cancelled Orion schemes, and Cebu and France exploration.

capital raising announcement

The Orion merger agreement is terminated and the merger will not proceed. Orion's expert said it would revise its opinion after updated asset valuations, and the 31 March 2010 end date could not be met. No break fees are payable. The companies say they may work together later.

material agreement termination

Gas2Grid shareholders approved the Orion share scheme with 92.62% of votes cast, and optionholders approved the option scheme unanimously. Completion still needs the Orion shareholder meeting on 26 February and Federal Court approval.

business combination

Octanex, holding 7.1% of Orion and 3.4% of Gas2Grid, announces a conditional bid for Orion at 1 Octanex share per 6 Orion shares (about 7.25c) and opposes the Gas2Grid merger. It cites Gas2Grid's $969,000 cash at 31 December 2009. This threatens the merger.

business combination

Independent experts received letters from a lawyer for undisclosed shareholders of both companies challenging their reports. The Orion and Gas2Grid meetings will be opened then adjourned to 23 and 24 February 2010, delaying the merger vote.

business combination

Gas2Grid signs a Merger Implementation Agreement with Orion: schemes of arrangement give 1 Orion share per 2.25 Gas2Grid shares, and 1 Orion option per 2.25 options. Unanimously recommended by non-conflicted directors absent a superior offer. Meetings are likely January 2010, subject to due diligence and court approval.

business combination

Orion Petroleum and Gas2Grid jointly confirmed preliminary negotiations on a possible change in control, discussed on the basis of 1 Orion share for every 2.25 Gas2Grid shares. Structure and pricing were not settled, and Russell Langusch, formerly a Gas2Grid director, was Orion's listed contact.

business combination

Placement of 21.3m shares at 5 cents raised $1,065,750 from qualified investors, using up the remaining 15% placement capacity. Funds go to the Cebu workovers and seismic, the St Griede gravity survey, EP 453 and new ventures.

capital raising announcement

March quarter: the company will withdraw from the NZ PEP 38260 permit, following the dry Kate-1. The Cebu workover completion has slipped to end of Q3 2009. Directors did not place the rights issue shortfall, and salaries and fees are being minimised to preserve cash.

quarterly activities report

The Philippine DOE approved the SC44 variation. Workovers on both Cebu wells are due by end June 2009 and 100 km of seismic by December 2009, then one new well by June 2010 and two by December 2010. This resolves the overdue end-2008 well commitment.

regulatory community update

December quarter: the rights issue closed with only a 33.4% take-up, 38.6m shares and almost $1.3m raised, against a $3.45m maximum. The Cebu workover target is end of Q1 2009, and the company has asked the Philippine DOE to combine its overdue SC44 commitments.

quarterly activities report

Prospectus for a 1-for-1 non-renounceable rights issue, with one new share and one new option per share held, closing 8 December 2008. Issue price and amount are not shown in the excerpt. Follows cash falling to $0.4m by September.

capital raising announcement

Notice of the 1-for-1 non-renounceable rights issue: about 115.5m new shares at $0.03 to raise about $3.465m, each with a free $0.08 option expiring 30 Nov 2010. Not underwritten; funds go to exploration, issue costs and working capital. Gives the price and size missing earlier.

capital raising announcement

The St Griede exploration permit in France's Aquitaine Basin is awarded, covering 1,238 sq km, split 50/50 with Gippsland Offshore Petroleum. Five-year term, total work commitment $3.7m. This resolves the long-pending French application.

regulatory community update

Kate-1 was drilled to 1,112 m with no significant hydrocarbon indications and was plugged and abandoned. It found about 70 m of high-porosity sandstone and shale showing fluorescence. The company says wider permit prospectivity is not eliminated.

drilling result

Kate-1 began drilling on 8 May 2008 in New Zealand's onshore Canterbury Basin, with surface casing set at 133.5 m and the well at 140 m. The main target is expected within about five days. This is the long-awaited earning well, targeting up to 25 million barrels.

drilling spud

Agrees to acquire 100% of EP 453 in the onshore Canning Basin for 6 million new shares plus 3% royalties, subject to Ministerial approval. Vendor Dennis Morton, ex-Eastern Star Gas MD, becomes Managing Director from 31 March 2008; Dr King reverts to non-executive. Adds a fourth asset and a new leader.

asset acquisition disposition

December quarter: cash $2.71m. Agrees to buy a further 15% of onshore PEP 38260 for $600,000, lifting its interest to 55% after Kate-1. Land access and rig secured, with spud expected early April 2008. Cebu microbial survey found seepage anomalies; France award still pending.

quarterly activities report

Farms into New Zealand's PEP 38260 (Canterbury Basin), earning 40% of the onshore area by funding the first $1.2m of the Kate-1 well. Also raises up to $3m at 6c a share, 12% below recent VWAP, including a $1.232m share purchase plan. This is the new venture foreshadowed in April.

farm in farm out agreement

Flow-back test of the 2,750-2,780 ft interval gave about 5.2 barrels of fluid initially, then only water from swabbing and no hydrocarbons. The company says this does not fit the core and earlier drill stem test results. A third test failing to flow undermines the main remaining hope for the well.

well test result

Placed 5,000,000 shares at 10 cents to raise $500,000 of working capital through Montagu Corporate clients. Flow-back test equipment is expected on site in Cebu on 16 May.

capital raising announcement

Gundi Royle steps down as Managing Director, returning to the UK to run new ventures; Dr David King takes over local management and Philippines operations. A testing unit is contracted for the 2,750-2,800 ft test from mid to late April, and a European licence application is planned.

director officer appointment

Final report: Nuevo Malolos-1 showed hydrocarbons over more than 2,900 ft and excellent core porosity, but two tests failed to flow hydrocarbons to surface. Upper Maingit (2,750-2,800 ft) will be tested later without a rig; further appraisal and lead work planned.

drilling result

Test of the 6,223-6,243 ft Toledo interval produced no hydrocarbons to surface; only about 2 barrels of oil came back on reverse circulation. The company says the challenge is now finding reservoir engineering solutions to move the hydrocarbons, with other zones still to test.

well test result

Logs confirm significant hydrocarbons across about 3,981 ft of sands with no water, and core shows high porosity and permeability. The well will be cased to total depth and a Toledo sand perforated and tested.

drilling result