The company intends to apply for regulatory approval to drill the two wells as soon as possible. Subject to regulatory approval the company expects to begin drilling the two wells within the next two months. Drilling of the two wells will further define the Sawn Lake project. As the operator, Deep Well will also test the wells for cold flow capability to its satisfaction.
Deep Well Oil & Gas, Inc. is a Nevada corporation based in Alberta Canada. Deep Well and its subsidiaries Northern Alberta Oil Ltd. and Deep Well Oil & Gas (Alberta) Ltd. have an 80% working interest, in 51 contiguous sections of oil sands development leases, 40% working interest in an additional 12 sections of oil sands development leases and a 80% working interest in 6.5 sections of oil sands permits in the Sawn Lake heavy oil area in North Central Alberta. The permits and leases cover 43,964 acres. Andora Energy Corporation (formerly Signet Energy Inc.) has earned a 40% interest in 12 sections. A previously published independent engineering report estimated that, there are 819.5 million original barrels of oil in place.
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