The Directors of Armour Energy are pleased to provide the following update on the Lamont Pass 3 vertical
exploration well. The well is testing multiple targets from a single vertical well in the Glyde Sub-basin of
the McArthur Basin. Lamont Pass 3 is located 50km south of the Myrtle Sub-basin and is 25km north of the
Glyde 1 (ST1) gas discovery made by Armour Energy in 2012, which flowed up to 3.3 mmcfd.
While drilling on air at 260 metres, the Company first noted gas and associated oil indications with minor
fluorescence and hydrocarbon cut. Prior to setting casing at 304 meters, significant connection gases were
reported, up to 25 times the background gas levels.
Core drilling then proceeded through the Lower Lynott formation. Hydrocarbon cut and fluorescence
continued to be observed between 391 and 534 metres with a number of core sections taken and
preserved for further analyses. At a depth of 535 metres the well penetrated live oil in fractures and continued to encounter minor shows of background gas. Core samples of the oil zone were taken for further lab analysis. The well is currently at a depth of 550 metres and continuing to core towards further targets.
The Lamont Pass structure is one of twenty?three (23) targeted areas holding 264 Bscf Mean Prospective
Resources (unrisked) within the Coxco Dolomit Formation, as assessed by DeGolyer and MacNaughton
(D&M). In addition, MBA Petroleum Consultants has made a Mean Prospective Resource estimate of 18.8
Tscf of gas and 2.2 billion barrels (Bbbl) of liquids in the Barney Creek Shale in EP171 and EP176.
In 1982 Amoco drilled the 82-6 core well, 5km northwest of Lamont Pass 3, and reached a total depth of
300 metres not penetrating the Barney Creek Shale. This well reported up to 7% total organic content
(TOC) with bitumen lined vugs and residual oil shows. Lamont Pass 3 is prognosed to pass through these
prospective intervals in the Caranbarini Member as well as the Reward Dolomite, Barney Creek Shale and
the Coxco Dolomite. Both the Caranbarini Member and Reward Dolomite also had gas flows and shows in
the Cow Lagoon 1 discovery well drilled by Armour Energy in 2012.
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