MORNINGSIDE OIL PROSPECT NOW ON PRODUCTION Thursday, 08 November 2012
Petromin Resources Ltd ("The Company") is pleased to announce that it has completed construction of the battery facility at the Company’s Morningside discovery well (15-23-42-28W4M). The well has now been placed on production with all equipment being powered by casing head gas. Rates of production will be announced when stabilized. Water cut is minimal. Based on the response, additional offset wells are being proposed, and can now be directionally drilled from the current surface lease containing gas pipeline and battery facility.
Morningside is a multi-zone prospect with additional targets in the Basal Quarts ( Ellerslie) formation and bypassed gas targets in the Glauconitic, Ostracod, Belly River and coalbed Methane (CBM) formations.
Petromin farmed out the drilling of its’ 50% working interest at no cost to the Company whereby the Company retains a gross overriding royalty before payout , convertible to a 25% working interest after payout.
The Company retains a 50% working interest in the undrilled acreage and anticipates further development shortly.