January 12, 2024 8:11 AM EST | Source:Â Resolute Resources Limited
Calgary, Alberta–(Newsfile Corp. – January 12, 2024) – Resolute Resources Ltd. (TSXV: RRL) (“Resolute” or the “Company“) provides an update in respect of the HZ ANTHONY 12-19-83-23 which commenced drilling November 24th and was completed on December 3rd. Gething channel sand was encountered as per geologic modeling. 2350 metres of open hole were drilled over 4 laterals, which were terminated short due to formation dropping below log verified oil saturation and a desire to avoid unnecessary risk. Significant oil shows, gas response and visible sample porosity were observed during drilling as well as no apparent losses due to fracturing.
Upon bringing the pump online the well did not demonstrate sustained inflow and as a result a workover was performed due to potential cuttings bridging and very heavy oil was encountered. Subsequent testing of the hydrocarbons recovered during the workover showed approximately 6 API bitumen. Attempts were made following the workover to aid the initiation of flow but were ultimately unsuccessful. While significant high quality reservoir rock was encountered throughout the drilling of the well the formation fluid is not conducive to cold flow production.
Based on fluorescence tests on wells that penetrated the target reservoir and fluid tests of similar target sands in the area Resolute expected higher API oil pre-drill. The company is in the process of re-evaluating its land holdings based on the results achieved to date on its Grimshaw property. The company’s Flood acreage includes an abandoned well with a fluid test within the Gething that produced 35 API oil. The company is assessing options to validate the quality of this fluid test at Flood in a timely and cost-effective manner and will provide an update upon conclusion of this assessment.
About Resolute Resources Ltd.
Resolute is an energy corporation trading on the TSXV under the symbol RRL. Resolute has projects in Northwest Alberta, where it is exploring shallow cretaceous sandstone reservoirs that can be exploited with Multi-Lateral Open Hole wells. Resolute has accumulated just under 35,000 acres in its GFD light oil project in Northwest Alberta. Resolute is pursuing projects that are high in environmental social and governance metrics, that result in lower emission oil and low water use due to no hydraulic fracturing, but that provide high economic returns.
Cautionary Statement Concerning Forward-Looking Statements
This press release contains certain information that may constitute “forward-looking information” under applicable Canadian securities legislation. Forward looking information includes, but is not limited to, information relating to the Company’s drilling program and the results including whether any economic production may be obtained from any of the Company’s wells. Forward-looking information is necessarily based upon a number of assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Factors that could affect the outcome include, among others: failure to obtain regulatory approvals, general business, economic, competitive, political and social uncertainties, securities market uncertainty and unpredictability and risks of the oil and gas industry. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information contained in this press release is given as of the date hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
For further information, please contact:
Alexander Lindsay
CEO & Director
Phone: 587-585-5421
Email:Â resolute@resoluteresourcesltd.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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