Highlights The Paradox Basin #2 appraisal and development well...

Highlights

The Paradox Basin #2 appraisal and development well is continuing to drill the Pennsylvanian Honaker Trail Formation at 9,390 feet (2,862m) and is drilling ahead at 10‐15 feet per hour. Drilling has been slowed slightly to maintain orientation to ensure optimal target intersection

Golden State Resources expects to reach the intermediate casing point in the next 48 hours, depending on the condition of the current bit. After logging and setting the casing the well will enter the Paradox Basin sequence

The Paradox Basin sequence contains multiple reservoir objectives the first of which is the Upper Ismay Formation. Depending on drilling rates it is expected this will occur approx. 4 days after setting 9⅝” casing

The Ismay Formation will be penetrated below the elevation of the previous discovery well to test the lateral and vertical extent of the gas accumulation

Cheers, Pie :)