Puffin-8 Strikes Oil

Puffin-8 has penetrated the first of three mapped highs encountering the top of the oil bearing LK1a reservoir at 2022.8 meters True Vertical Depth (TVD), approximately one meter higher than at Puffin-7. The well has subsequently drilled on a nearly horizontal trajectory, 9 degrees from vertical, covering an oil bearing interval of more than 73 meters to date, measured along the well. An initial penetration was made as a "pilot hole", which was used to better delineate the mapped structure. Accordingly, the present well trajectory will be referred to as Puffin-8 ST1.

Upon completing the drilling of the first high, the planned well track is expected to encounter a small mapped low, similar to Puffin-7, before penetrating the second of three mapped highs, with additional mapped oil bearing formation. The third high targeted is north of the oil bearing Puffin-1 well.

Subsequent to finalizing all drilling, the well will be completed with the optimal design over the entire horizontal section of the Puffin North East 1 structure.

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