GT has completed the drilling of Well A on Prospect 1 on the MS License. Total Depth was in Basement rocks, near 750 meters. Following logging of the well, several interesting zones were identified, one of which has been tested; tested interval was at 660-681 meters and demonstrated a significant gas discovery. The well will now be cased and cemented, and several zones will be evaluated and possibly tested. Logs indicate the presence of at least two more potentially oil bearing intervals.

GT will now take the time to test and evaluate further the zones of interest, and attempt to determine the size of the gas discovery. It is in a very convenient location, situated just a few hundred meters from an existing gas pipeline.
The gas discovery confirms the presence of a petroleum system at Prospect 1, as well as confirming the integrity of the structure derived from the interpretation and mapping of the seismic data.

GT will immediately initiate the process with application for a 20 year Production License for the MS license. The company considers the prospects for conversion to a Production License as very good, based on the first analyses of the gas discovery. This will be an important milestone for GT.

Further information about the discovery will be released as soon as possible.