Portfolio of Prospects and Resources in the State of Alaska
New Times Energy holds 13.98% shares of NordAq
NordAq owns 33,000+ acres in the Cook Inlet basin and 280,000+ acres in the North Slope
Net Prospective Oil & Gas Resources: 17.66 million barrels of oil equivalent
The State of Alaska’s incentive program offers 50% or more cash rebate in the Cook Inlet for qualified expenditure to the operator, and 85% cash rebate in the North Slope for all Qualified Development Expenditures
Testing of Tiger Eye #1 well in the Cook Inlet basin commenced in Q2.
Tiger Eye #1 well in the Cook Inlet was drilled with significant gas shows encountered in the Tyonek Formation. Shadura #1 well in the Cook Inlet was drilled and multiple pay zones of gas and liquids were discovered with a high estimate of 600 billion cubic feet to 1 trillion cubic feet of gas resources.
Acquired 392,336 NordAq shares for HK$39 Million (US$5.01 Million). Valuation of NordAq was HK$484 Million (US$62.5 Million).