Loon Abandons Tunisian Well

Loon Energy and its partners have decided to plug and abandon the Bhayra Rigo # 1 well after drilling to a total depth at 1,739 meters. The well was drilled from 1,126 meters to total depth with continued loss of circulation and therefore no drilling samples were recovered over the interval. Three cores were cut in order to gather information on the interval. Core 1 was obtained from 1,306 to 1,312.5 meters, core 2 from 1,602 to 1,611 meters and core 3 from 1,730 to 1,739 meters. While the cores did show good inter-crystalline, vuggy and fracture porosity, there was no evidence of hydrocarbons. Loon has a 15% paying interest and a 10% working interest in the Bhayra Rigo #1 well.

Loon is an international oil and gas exploration and production company having direct interests in Brunei, Syria, Colombia, Peru, Tunisia and Slovenia and an indirect interest in Pakistan through its shareholding in Jura Energy Corporation. Loon has offices in Calgary, Alberta, Canada, Dubai, United Arab Emirates and Bandar Seri Begawan, Brunei Darussalam.