During the quarter, the Company announced that an independent expert assessed the Amistad formation to have 2.5 billion barrels of oil in place and prospective resources as shown in Table 1
When combined, the interpreted net pay intervals encountered whilst drilling the Alameda-1 exploration well total 300 mMD / 278 mTVD
Zapato-1 is estimated to take about 55 days to reach its target depth
The Company is progressing an update of the predrill resource assessment for the Alameda and Marti intervals and will release these figures once received from the independent reserves certifier.
The Company had total cash on hand of $32.095 million as at 31 March 2022
