The London-listed junior said on Friday that while the well results showed that an active hydrocarbon system existed, “it was determined that insufficient commercial quantities of moveable hydrocarbons were present to economically justify running casing and well testing operations”.
Independent analyses of the logs and core samples determined that Rio Bravo, which was drilled to a measured depth of about 2746 metres, hit live oil shows in the Y3 and Hill Bank formations.
