New Shoshoni Ventures Ltd. has completed drilling of the 16-25-79-17 W6M well located in the Sunrise Natural Gas Field. Drilling was completed on March 11, 2008. The well was drilled to a depth of 1285 meters and was subsequently logged and evaluated for hydrocarbon shows. The logs indicated hydrocarbons to be present in both the Paddy and Bluesky formations.
The Paddy formation was contacted at 775 metres and showed 4.5 meters of crossover, the Bluesky was encountered at 1240.5 meters, showing 7.5 meters of crossover, respectively, on the Compensated Neutron PEL Density Log. After logging was completed, the well was cased as a potential Bluesky and Paddy natural gas well.
The Company expects to complete both zones and production test the well when a Service Rig and Fracing Unit can be contracted and moved on to the location. This is anticipated to take place during the month of April. Well test data, including flow rates, will be announced when available.
The Company holds an option to earn a 65% interest (100% before pay-back) in a total of four sections in the Sunrise Region by drilling one exploration well per section. The company expects to drill an initial exploration well on each of the remaining three sections over the summer of 2008 to take advantage of the OGC summer drilling credits and in order to earn the remainder of its interest in these sections. Since the initial exploration well has encountered hydrocarbons at the Bluesky level, each additional exploration well will be drilled to the depth of the Bluesky formation. Maximum allowable well spacing in this region is 4 wells per section.
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