A second well, Killanoola SE-1, was drilled in 2011 and also discovered oil. This well has not undergone a production test. The new petrophysical report identifies 16 metres net of oil bearing pay zones within the Sawpit Sandstone. An exceptional result of 16m of Net Pay is in stark contrast to the original net pay estimates of 1.5m. Red Sky is now working to revise geological and geophysical interpretations to re-determine the volume of oil in place.
If I'm reading this correctly the testing has been completed and they are finalising oil volume figures. Should be any day now.
Ann: Quarterly Activities and Cashflow Report, page-28
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