Totchaket Drilling Update

Targeting a promising oil and gas prospect, CIRI joined fellow Alaska Native regional corporation Doyon, Limited (Doyon) in drilling the Totchaket #1 well in the Nenana basin this summer. Prior exploratory drilling in the basin, including a 2016 exploration well in which CIRI participated, verified the presence of an active hydrocarbon system that has produced both natural gas and oil, though commercial quantities had not yet been found.

Drilling of the Totchaket #1 well commenced June 6 and ended July 5. From a location approximately 20 miles north of Nenana, Alaska, on the east side of the Tanana River, the well was drilled to a total vertical depth of approximately 11,225 feet. While Totchaket #1 did not discover commercial quantities of gas or oil, the well encountered multiple gas shows and CIRI continues to believe the basin holds considerable natural resources. The program was safely executed and responsibly drilled. The well will be permanently plugged and abandoned in accordance with Alaska Oil and Gas Conservation Commission regulations.