Eagle Ford Shale Development
- Cutlass West A#1 spudded on 29 April 2012 and reached TVD and then the lateral section was drilled. The well is expected to undergo fracture stimulation in late September.
- Cutlass East #1 well is currently at 9,203 feet TVD and taking its sixth core as it gathers important data for the horizontal drilling program.
Bowtie West Project
- Sugar Valley #1 well was completed and initial IP test rates were up to 3.2 million cubic feet per day of gas and 31.2 bbls per day of high gravity oil.
Permian Basin Project
- Testing phase of the first four wells has been completed. Two wells are on production and two wells have been prepared for a further 4 to 5 stage fracture stimulation program.
- Planning for the first horizontal well has been completed, permit submitted and drilling is expected subject to rig availability is to commence in September 2012.
- During the quarter the Company raised a total of AU$2.3 million.
- Cash balance as at 30 June 2012 was AU$ 3.0 million.
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