Molori Energy Inc. (
TSX: V.MOL,
OTCQB: MOLOF,
Forum) today released the latest update on its ongoing exploration program with respect to new drilling in the Red Cave formation. Well “M1” has now been completed and initial results are available.
M1 has been a commercial success, presently delivering from 20 – 25 bopd (barrels of oil per day). Gas content in this well is not yet available. This will shortly be followed by the spudding of the M17 well, with completion of that drilling anticipated by mid-October.
Once both these wells have been drilled, the wells will be further tested and then management will make a decision on the nature/size of the “frac” to employ, to maximize throughput. The Red Cave formation is deemed to be highly suitable for fracking technology. Full details on oil and gas flows will be reported shortly afterward. Further information can be found
here.
The Company was recently in the news earlier this month when it provided its
last update on Red Cave drilling.
FULL DISCLOSURE: Molori Energy Inc. is a paid client of Stockhouse Publishing.