The Board of Verus Investments Ltd (Verus) is delighted to announce that recent drilling of the TGR Land Co. Inc #1 Well at the Fausse Point oil and gas project in Louisiana has intersected the primary targeted deep gas play with very strong oil and gas indications.
The #1 Well has now been drilled to its final depth of 8,475 ft. Drilling has encountered over 300 feet of quality hydrocarbon bearing formation. Mudlogging shows good quality sandstone with hydrocarbon fluorescence and up to 2% oil in drill cuttings and mud. Electric line logging has identified hydrocarbon occurrences throughout high permeability and porosity sands. An additional 80 acres of adjacent land has been secured. Casing of the entire well completed in preparation for an extensive testing campaign. 3 exciting zones of interest in #1 Well to be tested.
This is a fantastic result for Verus the Chairman Mr Andrew McIlwain commented. Whilst we always acknowledged that this investment was not a certainty, the confidence we had in the data and the capabilities of the operator Golden Gate Petroleum and its subsidiary company - Kindee Oil & Gas as well as the drilling contractor, has been returned many fold. We are still to fully understand the commercial viability of the well, however at this stage; this appears to be the best outcome Verus shareholders could have wished for.
VIL Price at posting:
4.5¢ Sentiment: Hold Disclosure: Held
