Stenhouse-1 Well Plugged, Abandoned

The Stenhouse-1 exploration well has been drilled to a total depth of 1835 meters. Despite encouraging hydrocarbon shows observed in the primary objective Namur Sandstone, wireline logs indicate the formation is water saturated. No shows were observed in the secondary objective Birkhead, Poolowanna and Kalladeina Formations and wireline logs confirmed the absence of hydrocarbons in these horizons.

While the absence of a commercial accumulation at Stenhouse is disappointing, the presence of hydrocarbon shows in the Namur Sandstone demonstrates that hydrocarbons have migrated into this part of the permit and provide encouragement for other prospects along this structural trend, including the Turton prospect.

The Stenhouse-1 well has been plugged and abandoned as dry hole, and preparations are in place to move the rig to the Turton-1 drill site.