Magnum provides Tulainyo update
Magnum Gas and Power (ASX:MPE) has informed the market that drilling at the Tulainyo 2-7 gas appraisal well has reached a planned total depth of 5710 feet (1737 metres).
Drill cuttings, gas shows and wireline log data indicate multiple potential sandstone gas reservoirs. The Gas Fields LLC (Gas Fields) joint venture believes the sands are as good as could be expected pre-drill.
Current operations are utilising a seven inch production casing, which will protect the above indicated gas zones for later testing. MPE will commence a flow test program at the site early next year, which will utilise a specialised testing rig and further equipment.
In commenting on today’s announcement, Mr John Begg of Gas Fields LLC said, “We are excited about the opportunity ahead of us. The operator, CRPC, has done an excellent job in drilling this will to target depth in a challenging geological environment.
“The combination of potential reservoirs and gas shows that were recorded in the well are what we were hoping to see. The sandstone units compare well with what was observed in the original, untested discovery well and the nearby extensive crop.
“A robust well design will provide flexibility in how we now go about the upcoming critical flow testing program.”
However, it is an early stage of this company’s development and if considering this stock for your portfolio you should take all public information into account and seek professional financial advice.
MPE’s 60 per cent owned subsidiary, Gas Fields, is earning up to 33.33 per cent (20% net) in the Tulainyo Gas Project via a joint venture with the operator, California Resources Production Corporation.
California Resources is a subsidiary of a NYSE-listed company which is one of California’s largest oil and gas production companies and Cirque Resources LP, a private company based in Denver, Colorado.
Short-term positions in small, early stage ASX companies,
with high potential and near term price catalysts.
Focusing on resource exploration, early-stage tech, and biotech.
Exceptional opportunities across a broad range of
early-stage growth sectors with strong management.
Seeking 1,000% plus returns across medium to long-term holds.
Longer-term positions in a variety of sectors.
Seeking strong management where traction is established and have entered into a growth phase.
S3 Consortium Pty Ltd (CAR No.433913) is a corporate authorised representative of LeMessurier Securities Pty Ltd (AFSL No. 296877). The information contained in this article is general information only. Any advice is general advice only. Neither your personal objectives, financial situation nor needs have been taken into consideration. Accordingly you should consider how appropriate the advice (if any) is to those objectives, financial situation and needs, before acting on the advice.
Conflict of Interest Notice
S3 Consortium Pty Ltd does and seeks to do business with companies featured in its articles. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this article. Investors should consider this article as only a single factor in making any investment decision. The publishers of this article also wish to disclose that they may hold this stock in their portfolios and that any decision to purchase this stock should be done so after the purchaser has made their own inquires as to the validity of any information in this article.
The information contained in this article is current at the finalised date. The information contained in this article is based on sources reasonably considered to be reliable by S3 Consortium Pty Ltd, and available in the public domain. No “insider information” is ever sourced, disclosed or used by S3 Consortium.