BRS Resources Ltd. ('BRS' or the 'Company') is pleased to announce that AleAnna Resources LLC ('AleAnna') successfully tested of the Trava 2D exploration well. The Trava 2D tested at rates up to 1.89 million cubic feet (MMcf) per day (53,500 scm), with bottom hole pressures exceeding 1,700 psi (114 bars).
BRS is active in Italy through its ownership in AleAnna Energy LLC which owns 100% of AleAnna Resources LLC ('AleAnna'). BRS owns 9.74% of AleAnna Energy LLC.
A PTL log verified gas flow from only an upper interval of Pliocene age Porto Garibaldi PL-2 sand while lower intervals also perforated were still unloading completion fluids as evidenced by consistently increasing gas rates and flowing tubing pressures. The Trava 2D well has been shut in and AleAnna will immediately file documentation for government approval of a production concession permit. Additional development wells will be needed to fully develop the field area.
The Trava 2D commenced drilling on February 24, 2017 and was directionally drilled from a surface location which minimized environmental impact yet allows for drilling of multiple wells from the same surface pad. The bottom hole location targeted a prominent amplitude imaged by 3D seismic up structure of an unsuccessful 2003 dry hole, Trava 1 well, drilled by the previous permit holder. The Trava 2D was 49 ft (15 m) structurally up dip as anticipated and found significantly better reservoir rock properties than Trava 1 well, which was drilled using only 2D seismic data.
Sioux Sinnott, president of AleAnna commented, 'The Trava 2D is a significant well for AleAnna as it validates AleAnna's 3D seismic images of natural gas accumulations, structural position, and stratigraphic complexity that cannot be seen with older seismic technology.
Byron Coulthard, president and CEO of BRS added, 'The techniques AleAnna used, including AVO analysis, were validated with the successful testing of the Trava 2D well. And our portfolio of 3D seismic exploration prospects interpreted from 134,672 acres (545 sq. km) of newly acquired proprietary 3D seismic is enhanced by tying actual well data to the 3D seismic.' Ms. Sinnott concluded, 'We are pleased we have discovered clean natural gas in Italy for Italy and look forward to government approvals to bring this natural gas discovery to market.'
AleAnna holds thirty-one exploration applications and permits for over 2.9 million acres (11,782 sq. km) in Italy. To date, AleAnna has also amassed the largest portfolio of newly acquired 3D geophysical data onshore in Italy and has two other successful wells in final stage of production concession award.
ON BEHALF OF THE BOARD OF DIRECTORS
Byron Coulthard
President/CEO
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Disclaimer for Forward-Looking Statements
This press release includes certain "forward-looking statements.' Forward-looking statements are statements or projections that involve various risks and uncertainties regarding future events related to BRS. Actual results may differ materially from those currently anticipated due to a number of factors beyond the control of BRS including any negative change in the law, regulatory or political environment which would negatively affect BRS's or AleAnna's ability to obtain permits necessary for drilling; BRS/AleAnna's lack of sufficient financing to proceed with proposed drilling; the continued price and demand for natural gas; BRS's ability to hire and retain personnel necessary to successfully operate its business; the speculative nature of natural resource exploration activities; changes in operating costs; changes in economic conditions and conditions in the resource, foreign exchange and other financial markets; changes in investments and exploration expenditure levels; litigation, legislation, environmental, judicial, regulatory, political and competitive developments in areas in which BRS operates; technological, mechanical and operational difficulties encountered in connection with the BRS' activities; and other risk factors detailed in BRS' various filings filed on SEDAR at
www.sedar.com (
http://www.sedar.com/) . You are urged to consider these factors carefully in evaluating the forward-looking statements contained herein and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by these cautionary
statements. These forward-looking statements are made as of the date hereof and BRS disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise, unless required by applicable law.