Madalena updates on Remada TT2 exploration

Madalena Ventures Inc., a publicly traded international junior Canadian oil and gas exploration company trading on the Toronto Venture Stock Exchange, provides preliminary results on the TT2 exploratory well in Tunisia.

The block which lies in the Remada Sud permit, is operated by Storm Ventures International Inc. (Storm). Madalena’s total owned subsidiary, Madalena Ventures International Inc., has an interest in the block.

The exploratory well reached a total depth of 1500 meters in the Ordovician Kasbah Leguine formation and encountered hydrocarbons in the Ordovician Bir Ben Tartar formation, as well as having indications of hydrocarbons in the Ordovician Jaffara and the Silurian Tannezuft formations.

Three intervals in the Bir Ben Tartar were tested. The upper two intervals attained combined flow rates of 300 barrels of oil per day of 45 degree API oil and 200 thousand cubic feet of associated gas without stimulation. The lowest interval tested small amounts of formation water and was abandoned.