Indago has leased 1,920 acres over a portion of Asphalt Ridge in the Uinta Basin in Utah targeting the oil sands in the Upper Cretaceous Rimrock Sandstone of the Mesaverde Group.
The Rimrock Sandstone of the Mesaverde Group is one of several well documented oil sands in Utah, a state that, according to the Utah Geological Survey, contains oil sands with 14 to 15 billion barrels of measured oil in place with an additional estimated resource of 23 to 28 billion barrels.
Previous operators in the region have drilled several exploration wells in sections directly adjacent to Indago’s acreage. Indago has been able to assess some of the information from earlier wells which has assisted in understanding key elements of the play and the region’s prospectivity. In addition, several operators have mined asphalt from the Mesaverde Group at outcrop and in the shallow subsurface to the east and northeast of Indago’s leased acreage. The information from previous operators has demonstrated an oil saturated reservoir approximately 90-175’ (27-53 metres) thick, at a depth range of between 200-3000’ (60-914 metres).
Based on previous results published on the Utah Geological Survey website of more than 330 core samples from six test wells drilled in the sections adjacent to Indago’s acreage, the target zone has reported reservoir properties that include an average porosity of 30.3%, average permeability of 524 millidarcies, oil saturation of 65.6% and an oil gravity of 10-140API.
The Company will initially test oil samples from Rimrock Sandstone to both understand the efficacy of INK’s technology in extracting oil from the sand as well as to assist in the design of a larger appraisal programme. The larger programme will aim to demonstrate the continuity, thickness and amount of oil saturation of the Rimrock Sandstone across INK’s leased acreage, and demonstrate whether or not the Multi-Flow technology can increase API oil gravity and reduce oil viscosity to enable the crude to be lifted to surface with conventional oilfield equipment.
INK will submit results from its initial testing along with historical results and all available well logs to an independent resource assessor for certification including volumetric analysis to verify published information.
Proprietary 3D seismic survey targeting the Wilcox, Austin Chalk and Eagle Ford formations;
major phase oil, with some natural gas production.
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