Half yearly report from PROMESA LIMITED ATOCHA PROJECTPreviously...

Half yearly report from PROMESA LIMITED ATOCHA PROJECT
Previously the Company announced that perforation and testing of the second Tuscaloosa sand interval in the HM Brian No.1 re-entry well had been completed. On perforation the well did not produce hydrocarbons at commercial rates. Accordingly, the partners have agreed to abandon work on the well, restore the site to its original condition and focus on evaluating a second well location within the Atocha project area.
The work completed on the re-entry and perforation on the first and second zones have been completed within budget. The Company is continuing with evaluating the data from the re-entry to assist in the generation of a possible second test location. Early analysis is pointing toward the possibility that hydrocarbons may have migrated through the first zone and moved up dip from the HM Brian No.1 well towards a fault block that has been defined by 2D seismic. Further updates on the Atocha project are expected in the future.

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