ASX Release Date: 3 January 2013

New Oil Discovery with Fusselman Well

The Clayton Johnson #3F, operated by Marshfield Oil & Gas in Borden County, Texas, has reached total depth of 9,883 feet, encountering pay in the prolific Fusselman formation. Tamaska has earned a 12.5% working interest in the project which includes another potential drilling location offsetting existing oil production in Luck-Pot Field. Gross potential reserves for both wells, based on the 12 to 14 feet of high porosity Fusselman dolomite logged in the well, range from 280,000 to 320,000 barrels of oil, gross (140,000 to 160,000 barrels per well).
The Clayton Johnson #3F tested the Fusselman on a combination structural and stratigraphic trap adjacent to the CML Muleshoe Ranch #1, which has produced over 124,000 barrels to date and offsets a recent completion by Raw Oil which had initial production rates of 228 barrels of oil per day. The Raw #4
Clayton has produced 35,800 barrels in less than a year and has an estimated ultimate recovery of
154,000 barrels. The Clayton Johnson #3F is structurally high to the Raw well, in the same reservoir. Additional potential remains in the underlying Montoya formation and the overlying Canyon and Wolfcamp intervals.
Casing has been set and initial production should commence within 15 days. Tamaska's Fusselman discovery represents an important strategic entry into the Permian Basin, one of the most prolific oil provinces in North America.

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