Drilling is expected to commence in the third quarter of this year.
Donnybrook currently holds a 100% interest in lands and licenses covering a total of seven sections, in Township 60 Ranges 22 and 23W5 at Bigstone.
Pennant will earn 25% of Donnybrook’s interest in Bigstone and in any future operations within an area of mutual interest.
Donnybrook will act as operator and participate as to a 25% working interest in the drilling, completion and tie-in (or abandonment) of the test well.
The Bigstone field is located approximately 250 kms west-northwest of Edmonton, Alberta, and falls within the Deep Basin Resource play corridor which continues northwest into British Columbia.
The Bigstone prospect area is ideally situated to encounter Montney formation at depths that have been proven to contain some of the richest natural gas liquid content within the Alberta Montney trend, Pennant said.
