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Additional Gas Flare From Egilabria 2 Well

Source: 7/2/2013, Location: Not categorized

The Directors of Armour Energy are pleased to advise that drilling at the Egilabria 2 gas exploration well has stopped at a depth of 1521 metres to change the hammer bit. A strong gas show, in addition to the show reported yesterday at 1098 metres, was encountered at 1519 metres producing a flare 6 to 8 metres long (refer Figure 1 below). The gas was predominantly methane, and two samples have been taken for detailed gas analysis.

Egilabria 2 is being drilled in Armourís 100% owned exploration licence ATP1087, 350 kms north of Mt Isa (refer Figure 2 below). The well has been designed to test strong gas shows of up to 8% gas in drilling mud in the Lawn Shale during drilling of Egilabria 1 by Comalco in 1991, located 500 metres south west of Egilabria 2.

Egilabria 2 is being drilled using air to avoid suppression of gas shows that occurred using drilling mud that occurred in Egilabria 1 in 1991. The main target zone in Egilabria 2 is the Lawn Shale at a depth of 1640 to 1790 metres. Armour has identified an independently certified prospective recoverable resource of 22 TCF of gas in the Lawn Shale within ATP 1087. An additional 18 TCF of conventional and unconventional targets have been identified by Armour in the overlying Carpentaria Basin and underlying Riverslea Shale. The Company has recently entered a Heads of Agreement with APA to work towards transportation of up to 330 Petajoules a year of gas in the existing upgraded and future APA pipeline network to undersupplied coastal Queensland LNG and Sydney markets.

Armour holds 133,000 km2 of granted licences and applications over North Queensland and the Northern Territory. The provincial holding covers four successive sedimentary basins, the Isa Superbasin, South Nicholson and parts of the Georgina and Carpentaria Basins in Queensland and the MacArthur Basin in the Northern Territory (refer Figure 3 below). In the Batten Trough, Macarthur Basin, Armour made the Glyde 1 discovery last year flowing gas at a rate of 3.3 million cubic feet per day. Armour also recently appointed Mr Robbert de Weijer as its CEO. The appointment brings Mr De Weijer's considerable experience in oilfield exploration and development with Shell in the North Sea and Middle East and Arrow Energy's CBM projects in Queensland to Armourís exploration and future development projects.

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