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In light of the recent negative trading in its shares since its March 28 news release on the Istanbul-1 well, PentaNova Energy Corp. (the “Company”) (TSXV: PNO), would like to clarify both the drilling results and the factors surrounding the testing the Istanbul-1 well (“the well”). As quoted in the press release: The well, located in the Maria Conchita …
In light of the recent negative trading in its shares since its March 28 news release on the Istanbul-1 well, PentaNova Energy Corp. (the “Company”) (TSXV: PNO), would like to clarify both the drilling results and the factors surrounding the testing the Istanbul-1 well (“the well”).
As quoted in the press release:
The well, located in the Maria Conchita block in northern Colombia, commenced drilling on February 27, 2018 and reached a total depth of 8,740 feet measured depth (“MD”) on March 21st. When drilling through potential reservoirs of the Jimol formation, the same formation that tested a combined rate of 18 million cubic feet per day of gas in the Aruchara-1 discovery well, gas shows were observed on the mud log.
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