Eagle Ford Shale Formation. For purposes of this Agreement, the term “Eagle Ford Shale Formation” means the stratigraphic equivalent of the interval between 9773’ and 9896’ on the 5” Dual Induction Compensated Formation Density log in the Czar Resources Xxxxx Xxxxxxx Xxxxxx #1 Well, Xxxxxxxx County, Texas, API # 42177307170000.
Eagle Ford Shale Formation. The tested oil analysis shows that the oil in the Ojinaga Shale Formation is sourced from the Eagle Ford shale. The Eagle Ford shale has an average thickness across the Presidio Oil Project of 460 feet. When the 4th well is drilled, the well will pass through the Eagle Ford Shale on the way to the Buda Formation. Ojinaga Formation Play Area – 300,000 Acres Helios has previously completed an analysis of 88 miles of 2D seismic which has established a thick presence of Austin Chalk age equivalent Ojinaga Formation across Helios’ entire acreage position of 85,685 gross acres. The thickness of the Ojinaga Formation ranges from 1,000 feet in the eastern section of Helios’ acreage to 2,000 feet in the western section. At the chosen location for the 4th well, the Ojinaga Formation is approximately 1,500 feet thick and is at a depth of between 6,000 feet to 7,500 feet. In addition, these 88 miles of 2D seismic has established a thick presence of Ojinaga Formation across the entire Ojinaga Formation play area which is approximately 300,000 acres in size. Ojinaga Formation - Easily Mapped with 2D Seismic The lower bench of the Ojinaga Formation shows well on 2D seismic and is easily mapped. The new 2D seismic program involves line clearing and shooting an additional 11 miles of 2D seismic. This new 2D seismic (2 east-west lines of approximately 5.5 miles each which are positioned north and south of the old 2D seismic line which also runs east-west and which covers the location of the 4th well) will be used to confirm and update the previous structural mapping and fine tune the exact location of the 4th well. Helios Managing Director Xxxxxxx Xx commented: “I am very pleased to have concluded a commercial seismic agreement with Chevron. They are an oil major and have substantial oil and gas acreage holdings in Presidio County, Texas. Acquisition of these 11 miles of new 2D seismic will begin within 2 weeks and we will begin drilling our 4th well in early 2022”. For further information, please contact: Xxxxxxx Xx Managing Director
