GULF OF MEXICO DRILLING PROGRESS The South Marsh Island Block 138 #1 well is nearing Total Depth. Drilling has progressed to 3,551 metres (11,650 feet) at 18:00 hours CST on 6th January. Current operation is drilling ahead. • The 7 5/8” Drilling liner was earlier set at 2,937 metres (9636 feet) • The LWD logs have so far been disappointing in the subject well. • However, 2 intervals with Low resistivity anomalies have been identified by the Operator at 3,261 to 3,313 metres (10700 to 10870 feet) and 3,374 to 3,414 metres (11070 to 11200 feet). Indications of Hydrocarbons were also reported at these depths. • Venture partners have approved the Operator’s request for enhancements to the planned Open Hole electric logging program to better assess the possibility of laminated pay in these 2 intervals. • The well is being drilled using the Pride Georgia jackup rig in water depth of 69 metres (225 feet). • GulfX, by its participation in this well has earned a working interest of 16.25% in the Field. • MWD/LWD Log data is being relayed to GulfX in US and Perth office in real time. The next planned activity after reaching Total Depth is to run the enhanced Open Hole electric logs. This is expected to occur within the next 2 days. Following a detailed evaluation of the data a decision will be made whether to Plug the well or perform further Coring and Testing activities.
LIO Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
