The Cane Creek 32-1 oil and gas well was acquired for a “nominal” sum was reportedly in production until recently and remains ‘open’ with no plugs installed.
The procedure to enter the well is said to be straight forward and Anson believes the condition of the well should enable quick sampling for brines once regulatory approvals have been completed.
Anson further said the well is strategically located near the in-field pilot plant industrial lease under consideration by the government of Utah, and is self-powered by its own gas which may be utilised by the proposed in-field pilot plant.
The new acquisition covers 480 acres ans is within Anson’s Paradox project, located in so-called Four Corners area in Utah.
Anson has been working on removing magnesium from synthetic brine and producing lithium carbonate.
First production from testing at another prospect is due in April.
Anson had nearly A$3.3 million cash at the start of the current quarter.
Share in Anson were up more than 9% to 23.5c in afternoon trade, capitalising the company at $92 million.
The stock was at 1.4c less than five months ago.