Sweet Light Oil, Great Opportunity – Charlie Lake Development Asset

Nine Ring’s Clear Hills asset lies in a proven proliferous region in northwest of Alberta. The primary target is Charlie Lake C  light sweet oil in huge consecutive lands which are 56.25 Sections/144.04Km2. Nine Ring drilled and tested four wells in 2017-2019. The total production rate was 383boe/d  and made the asset ready to be developed on a large scale. The highlights are as follows:

1. Neighbouring Enercapita producing pools with mature infrastructures
2. Average Charlie Lake play depth is less than 1100m which indicates low development capital cost.
3. Stable shore face sandstone reservoir with very low geological risk
4. API 30-40 light sweet oil with high sale price
5. Confirmed big development base with OOIP of 200mmbbl
6. 185 drilling locations
7. Third party evaluation: 6.8 mmbbl 2p reserves; NPV 46 milllions