"Petrophysical data from WB N4 indicates a positive result", said Pacific Tiger's President and CEO Michael Cvetanovic. "Oil has been encountered in three intervals. The primary objective F sandstone has over 17 meters of net pay with over 25% average porosity and 270 millidarcies permeability. This, in management's opinion, supports the continuation and improvement of F sandstone reservoir development considerably further north of N2. Consequently, management is of the opinion that an expansion of proven reserves is possible."
The well has been logged and cased for production. Current operations are to complete all three new production wells.
Testing of the F sandstone in all three wells is expected to commence in late October. Based on the results of this testing, the three wells may be placed on permanent production by late November.
The Company also reported oil identified in the E and G Sandstone intervals. The Company is now considering options for a testing program of the new zones and is expecting this to commence early next year.
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