Storm Ventures International Inc. ("SVI") of Calgary, Alberta (acting as
contractor and the National Oil Company, Entreprise Tunisienne D'Activites
Petrolieres (ETAP) as a holder of the Remada Sud Permit) announces the
preliminary test production results from the TT2 Oil discovery on the Remada Sud
permit in southern Tunisia.


A successful workover was completed on this well during the month of February
2009. Following this workover, test production facilities were set up on March
22, 2009 and test production commenced. The well is flowing from the Ordovician
zone at a depth of 1422 meters. At the present time the well is flowing
approximately 230 barrels per day of 43 degree API at well head pressure of 100
psi with the water cut averaging 1%.


The oil is presently being trucked to the La Skhira oil terminal on the coast of
Tunisia.


Our appraisal plan currently includes a 3D survey and a minimum of one step out
well that together with the six month test will be key to preparing a phased
development plan for submission to the Tunisian authorities late in 2009. This
light oil discovery has been independently assessed by Paddock Lindstrom &
Associates Ltd. to have in excess of 170 Mmbbls STOOIP assigned to the overall
structure. The discovery of light oil in a large structure at relatively shallow
depths on the eastern side of the 1.2 million acre block confirms the presence
of a mature source rock and effective hydrocarbon migration route increasing the
chance of success for several other prospects identified on the block. The TT2
well was drilled on a large Ordovician structure which has an aerial extent of
approximately 70 square kilometers and a hydrocarbon column of approximately 57
gross meters.


This news release is not for dissemination in the United States or to any United
States news services. The common shares of SVI have not and will not be
registered under the United States Securities Act of 1933, as amended (the "U.S.
Securities Act") or any state securities laws and may not be offered or sold in
the United States or to any U.S. person except in certain transactions exempt
from the registration requirements of the U.S. Securities Act and applicable
state securities laws.


StorageVault Canada (TSX:SVI)
Graphique Historique de l'Action
De Nov 2024 à Déc 2024 Plus de graphiques de la Bourse StorageVault Canada
StorageVault Canada (TSX:SVI)
Graphique Historique de l'Action
De Déc 2023 à Déc 2024 Plus de graphiques de la Bourse StorageVault Canada