Management changes and asset deals featured in the quarter, but attention has been focused on the drip of analysis results from Merlin
(, ) said it is looking forward to sharing the final aggregate Merlin-1 well results with shareholders, once the outstanding analysis is complete.
The full results will be amalgamated and used to create a future plan for the project.
In the company’s quarterly activities update it highlighted each of the milestones reached in the three months ended June 30.
It included the completion of the Merlin-1 well programme in April. An initial petrophysical interpretation of wireline logs indicated several potential pay zones in the well and subsequent tests confirmed presence of oil.
Post-well testing, analysis continued with sidewall cores, cuttings, mud gas and fluid samples from Merlin-1. Further geochemical analysis of selected core samples definitively demonstrated presence of hydrocarbons.
Meanwhile, an initial mapping of additional prospective zones encountered in Merlin-1 suggests upside for the acreage potential.
The company also acquired the outstanding 50% working interest of Project Peregrine for US$14mln in shares, plus add-ons, to take full control of the project.
On the corporate side, the company added Ashley Gilbert as its new managing director and Sarah Smith was appointed company secretary.
The company sold its Alaskan Oil and Gas Tax Credits for US$18.7mln, with proceeds used to repay outstanding debts of US$16.1mln.
It ended the quarter with A$14.8mln of cash and zero debt.