Pancontinental General Manager, Matthew Battrick said:...

Pancontinental General Manager, Matthew Battrick said: “Preliminary analysis of the wireline log
and pressure measurements by the Operator suggests low hydrocarbon saturations over the
interval containing the strong mud gas shows between 2240 m to 2260m MD. These Lower
Anderson Formation sands and their lateral equivalents are the primary target of the Stokes Bay 1
well, which will target them in a more crestal location on the structure. The Stokes Bay 1 well will
be drilled following Valentine 1.”
“The strong mud-gas shows in the deeper Laurel Fm (2400 m to 2470m MD) are interpreted by
the Operator as being associated with a series of organic rich, tight carbonates and shales. The
significance of this interval will require further evaluation in the Stokes Bay-1 well bore as similar
formations in basins in North America have the potential to produce gas at commercial rates”
Matthew said.