neo commentary - very positive The Managing Director of Nuenco...

neo commentary - very positive The Managing Director of Nuenco Anthony Kain commented that:
"The Board of Nuenco is delighted to have made a discovery of oil and gas with its first well since the change of the board and management team earlier this year. Oil and gas exploration is a high risk business, and for any company to make a discovery with its first well is a significant achievement. The Jack Hamar discovery will now be subjected to an extensive testing operation in the Monterey Formation which was the primary target in this exploration well. Depending on the testing results, Jack Hammer could become a significant development. At this early stage, the indications are encouraging, especially considering the amount of producing wells within very close proximity to our discovery. The shallow discovery of gas in the Etchegoin Formation could also be a real bonus as this zone was not previously considered a material target. Good gas indications from the log analysis provide enough encouragement for the Joint Venture to pursue an appraisal well as soon as possible.” This is an exciting time for Nuenco, Jack Hamar could effectively be two discoveries from the one exploration well which provides us with good encouragement to pursue our strategy of growing our business in this very prospective exploration area.