Key Achievements
Southern Cooper Basin Gas Project
- Record gas flow rates
- Key reservior parameters point to highly commercial well productivity
- Klebb pilot accessing a larger reservoir volume than expected – potential for increased well recoveries
- Low cost pump capacity increase underway
Strong Funding and Commercial Position
- Cash on hand of $6.4 million at the end of the quarter – fully funded to meet forward program
- Scoping and preliminary design confirms that development of an independent, low cost modular gas processing and compression facility in PEL 96 (Demonstration Facility) is technically and commercially feasible
- In principal agreement to collaborate on the development, funding and operation of the Demonstration Facility with a leading midstream gas infrastructure owner and operator
- Progressed discussions for the sale of gas produced by the Demonstration Facility with significant market interest to contract further gas on a full production basis.
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