Ivanhoe's Pungarayacu Appraisal Reaches TD

Ivanhoe Energy's first appraisal well (IP-15) in the Pungarayacu field in Ecuador has reached total depth with extensive oil shows in both the Napo and Hollin formations.

The initial results from this well are highly significant and, as a result, Ivanhoe Energy will be deferring releasing any information until independent laboratory analysis is received.

The cores have arrived at Core Labs in Bogota, Colombia for testing and analysis and results are expected shortly.

Physical testing of the well will begin this week and preparations for the second appraisal well location are underway.