Vortex Energy Corp. (OTC:VTECF) Stock In Focus After Major News
On Thursday, a number of companies had come into the news cycle, and this morning, many of those would be on the radars of investors. One such company could be Vortex Energy Corp. (OTC:VTECF), which made a major new announcement yesterday. The company announced that it had been successful in intersecting salt rock at the Western Salt Structure at a depth of 581.5 meters.
The structure is located inside the Robinsons River Salt Project. Previous work that had been conducted by Vortex Energy Corp. at the site demonstrated that it could hold an estimated reserve of 250,000 tons of hydrogen in as many as 25 caverns or more. As per conservative estimates, the volume of hydrogen storage capacity for the salt structure could be in excess of 50 million m3. Respect Consulting Inc., the company’s main consulting partner, and sub-contractors DGI Geoscience Inc. and Major Drilling had supervised and managed the project.
The first exploratory well had been drilled in the western gravity anomaly with the aim of eventually confirming the presence of salt rock and collecting samples for the purpose of future testing. The core well at the structure had been drilled to a depth of 608 meters, after which it was abandoned. Vortex Energy Corp. noted that the first 581 meters of the core were made up of non-salt rocks; however, the first occurrence of salt rock had been encountered at a depth of 581.5 meters.
In the news release, the company also noted that it was the first well to have been drilled at the project that had led to the encounter with salt rock. It also confirmed the presence of salt rock. The challenges that would be met by the company with the aforementioned well would be utilized for the purpose of planning future drill wells.
