Highlights · Icewine#2 Total Depth reached on schedule and...

Highlights

· Icewine#2 Total Depth reached on schedule and without incident

· Wireline logging operations underway

· Production testing / flowback to begin in late June / early July



Icewine#2 Drilling Complete


Following the spud of the Icewine#2 Production Test well on 24th April, the Arctic Fox drilling rig reached Total Depth of 11,450' at 19:55 15th May (AK time).



Forward Program

The immediate forward program involves completion of wireline logging, cementing the production liner and demobilising the Arctic Fox. Subsequently, in early June, micro stimulations will be performed to calibrate the stress profile in the zone of interest. This data will then be combined with the processed and interpreted log information in order to select the optimal location of perforations for the main stimulation operation. Execution of the main stimulation is scheduled to take place in the third week of June with cleanup of stimulation fluid over the following one to two weeks. The well will then be placed on production test, initially at a choked back rate in order to ensure that proppant is not displaced from the reservoir.