Stonehorse Energy Limited provided update on the Myall Creek #2 well operational progress. Interpretation of data from the Myall Creek #2 well has confirmed the Tinowon C is a fracture stimulation candidate. This next phase of activity is scheduled to commence and complete in June 2022.

Additional reservoirs intersected in the Myall Creek #2 well including the Upper Rewan and Bandana Sandstones also appear to be gas saturated. Work is continuing on the feasibility of accessing these zones for future potential stimulation. The Tinowon C was the primary target of the work programme and initial analysis of the logging data confirmed that the zone was hydrocarbon bearing and over pressured.

Subsequent data collection using a Down-Hole-Shut-In-Tool to capture the bottom hole build up pressure has confirmed that the Tinowon C formation is a viable fracture stimulation candidate. It is currently planned for the proposed well stimulation operations to commence and complete in June 2022. The Myall Creek-2 programme also assessed the potential of other reservoirs intersected in the Myall Creek region.

Of particular interest are the Upper Rewan and Bandana Sandstones that also appear to be gas saturated. Work is continuing on the feasibility of accessing these zones for future potential stimulation.