Ann: Vali and Odin Update, page-30

Look-back at the Vali-1 ST1 flow test program dated 21 August 2020

• During the extended flow test program, a rate of 4.3 MMscfd of gas was measured through a 36/64“choke at a flowing well-head pressure (“FWHP”) of 942 psi over a two-day period.
• Transient tests were also undertaken with rates recorded between 3.7 MMscfd (through a 24/64” choke at 1,676 psi FWHP) and 7.5 MMscfd (through a 32/64” choke at 1,593 psi FWHP).
• Strong gas rates were achieved in all flow periods and quick pressure build-ups were observed during all shut-in periods, with pressure levels quickly approaching around 3,000 psi.
• All flow rates were restricted through varying choke sizes to ensure proppant was not returned from the formation into the well bore, therefore avoiding any reduction in the effectiveness of the stimulation process.
• As a consequence of the flow testing of the well, our initial estimates of the potential gas flow rate for the Vali-1 ST1 well are in excess of 5 MMscfd.

Kind regards OldGeo