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Earlier in the week stock in the Australian minnow surged on unconfirmed reports of a find, briefly hitting 20 cents on a large turnover of shares. The price has since slid back to 16 cents at the time of printing.
Currently drilling is at a depth of 2,590m in Turonian shale, as planned, with the principle Neocomian target anticipated soon after drilling resumes. The Neocomian formation is the reservoir present in the adjacent Songo Songo gas field.
The well is planned to terminate in the top Jurassic formation which is expected to be reached at approximately 3,300m by the end of December.
Nyuni-1 is the first of two sequential wells being drilled on the Nyuni offshore licence and operating from small islands. The second well, Okuza-1, will test a separate but adjacent structure and will be drilled from Okuza Island.
Partners in the Nyuni Block are Bounty Oil & Gas 10% (earning), Ndovu Resources 60% (operator) and Petrom SA 30%.
