Golconda Resources Ltd. (GA.V) announced the "successful" drilling of its first vertical well of the 10 well program as previously announced on March 22, 2013, on Cold Lake First Nation lands with its joint venture partners, Tri-Rez Ebay Energy Ltd. and a Calgary-based private oil and gas company.
The well was drilled to a total depth of 424 metres and the open hole logs indicate the potential of at least 2 productive zones with porosities ranging between 30-35%. The well is currently being equipped for production and the Corporation expects to bring the well onto production by the end of April 2013, weather permitting.
GA climbed 14% to a new 52-week high of 8 cents.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
