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METGASCO LTD — Capital/Financing Update 2021
Jun 15, 2021
65313_rns_2021-06-15_bc27b52d-af97-4f3e-ab2c-da75d2993fea.pdf
Capital/Financing Update
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ASX / MEDIA RELEASE
ASX Code: MEL
16 June 2021
Vali-3 update
• Vali-3 at 2,377 metres in top section of Toolachee Formation
- Gas shows observed in mid-Nappamerri Formation
• Oil shows encountered in shallower Jurassic section
Metgasco Ltd (ASX:MEL) ( Metgasco or the Company ) is pleased to provide an update on the drilling of the Vali-3 appraisal well (Vintage 50% and operator, Metgasco Ltd 25%, Bridgeport Cooper Basin Pty Ltd 25%).
The Vali-3 well is currently at 2,377 metres in the top of the Toolachee Formation. As with earlier wells in the Vali Field, no safety incidents have occurred during the drilling of Vali-3 to date.
While drilling, gas shows were observed in the mid-Nappamerri Formation. In addition, oil shows were observed in the Murta, McKinlay, Namur, Westbourne, Birkhead and Hutton formations.
The primary objective of Vali-3 is to appraise the extent of the deeper Patchawarra Formation gas accumulation discovered in Vali-1 ST1 and confirmed in Vali-2. Total depth of Vali-3 is expected to be reached over the coming week.
This ASX announcement was approved and authorised for release by the Board.
For further information contact:
Philip Amery Chair + 61 402 091 180 [email protected]
Metgasco Ltd ACN 088 196 383 Level 2, 30 Richardson Street, West Perth, WA 6005 Tel:+61 8 6245 0060 [email protected] www.metgasco.com.au
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https://www.linkedin.com/company/metgasco-ltd.
Ken Aitken CEO +61 8 6245 0062 [email protected]