Standard Lithium(SLI) Newsfilter·2025-01-15 13:00Project Update - SWA Lithium, a joint venture between Standard Lithium Ltd and Equinor ASA, has successfully commenced drilling a new well named Lester-1 into the Smackover Formation at the South West Arkansas Project [1] - The well is currently at a depth of approximately 8,000 feet (2,438 meters) with a targeted total depth of 9,600 feet (2,926 meters) [1] - The drilling aims to retrieve core samples from the Upper, Middle, and Lower Smackover Formation limestone for reservoir testing and brine sampling [2] - The data gathered from Lester-1 will inform the Front End Engineering Design (FEED) and Definitive Feasibility Studies (DFS) expected to be completed by mid-2025 [2][6] Field Program - SWA Lithium is conducting an extensive field program at four wells in the proposed first area of operation, including well re-entry, hydraulic testing, and brine sampling [5] - Reservoir properties have shown better performance than previously gathered in the preliminary feasibility study, with higher lithium concentrations in brine samples [5] - Large volumes of brine have been collected from the International Paper Company (IPC-1) for field-based pilot testing [5] Company Overview - Standard Lithium is a near-commercial lithium development company focused on sustainable lithium-brine projects in the US, particularly in the Smackover Formation [8] - The company prioritizes high-grade resources, robust infrastructure, and streamlined permitting for its projects [8] - Standard Lithium is developing the SWA Project in a 55:45 joint venture with Equinor and has identified additional prospective lithium brine areas in East Texas [9] Industry Context - Equinor, a partner in the SWA Lithium joint venture, is an international energy company with a portfolio including oil and gas, renewables, and low-carbon solutions [11] - Equinor aims to become a net-zero energy company by 2050 and is leveraging its US energy portfolio to support Direct Lithium Extraction (DLE) projects [11]