In the short term Contact and its joint venture partners in the well are reviewing the potential for testing the uphole fractured zones in the Parsons Pond No. 1 well which had hydrocarbon shows during drilling and which may be equivalent to zones of production from old wells in the area. It is anticipated that a decision on this will be made within the next 30 days. Work would commence immediately once the appropriate equipment is available.
In the longer term, the new seismic information has shown that the middle Ordovician platform play is shallower than previously anticipated at approximately 2,300 meters. It also has the potential to be larger than previously mapped based on the new seismic information. Contact plans to re- map the play with the new seismic information and work with existing partners to attempt to get this deeper target drilled as soon as partners and financing can be arranged. The deeper play cannot be accessed with the existing well bore and must be drilled with a conventional drilling rig.
Contact feels that this new core data and seismic information will greatly improve our chances of establishing commercial production at Parsons Pond in the near future.
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