A good update from COI:Drilling operations at the Mahalo North 1...

A good update from COI:

• Drilling operations at the Mahalo North 1 vertical well in ATP 2048 have successfully concluded with very positive coal thickness and permeability measured in the coal reservoir and good quality coal samples recovered for lab analysis (holds 100% equity in ATP 2048 and is the Operator).
• The Mahalo North 1 well intercepted a net coal package of 9.03 metres in total, with the Castor coal reservoir sitting right on top of the Pollux coal reservoir, forming one thick reservoir package of slightly under seven metres, as predicted at this location. This will provide an ideal target for the Mahalo North 2 dual lateral well.
• A short downhole flow test with an electric-line logging tool allowed the Castor-Pollux to flow for a short time into the wellbore, measuring permeability of 250 millidarcies. This compares very favourably to some of the better results measured in the Mahalo block pilot areas, to the south and southeast.
• The well ultimately reached a total depth of 314 metres and after the 7” production casing was set, cemented in place and successfully pressure tested, the rig was released from site at 1400hrs on Saturday 23 October. The rig has now commenced moving 450 metres to the west-southwest to the Mahalo North 2 location. Mahalo North 2 will be a dual lateral well (designed to intersect the longest section of coal in a lateral well drilled in the Mahalo Gas Hub area to date). The team is working towards spudding that well later today.
• Management comment: The permeability measured in this well is at the high end of our predictions, based on our Mahalo Gas Project experience, and confirms our high expectations for the expanded Mahalo Gas Hub and the extension of the high quality fairway.