SVI StorageVault Canada Inc

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES.


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 that the TT2
exploration well on the Remada Sud permit in southern Tunisia reached total
depth of 1500 metres in the Ordovician Kasbah Leguine Formation on April 16,
2008. Partners in the well include Madalena Ventures International Inc. (15%
after earning and assignment) and Cygam Energy Inc. (14%). The 1.2 million acre
Remada Sud permit is located in the Ghadames Basin. The well was drilled without
incident or accident by High Arctic's Rapad Rig 2.


The pre-drilling expectation of encountering a 50 metre hydrocarbon column in
relatively tight Ordovician quartzites appears to have been achieved. A 60 metre
core was cut through the potential reservoir and a full suite of open hole logs
was run. The well is currently being tested open hole and will be cased for
completion and extended production test to determine commerciality. Depending
upon the outcome of the core evaluation and the initial testing program, the
well may require fracture stimulation to achieve commercial flow rates. Timing
of this subsequent operation is likely to be within 60-90 days of rig release,
subject to equipment availability.


An additional announcement will be made following completion of the testing
program and rig release.


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)
Gráfica de Acción Histórica
De May 2024 a Jun 2024

StorageVault Canada (TSX:SVI)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024