Standard Lithium (SLI.V) gained 3.4% at last look Wednesday in NYSE American pre-market trading as its SWA Lithium joint venture with Equinor ASA commenced drilling a new well into the Smackover Formation at the South West Arkansas project.

Standard Lithium said the Lester-1 well is currently at a depth of about 2,438 meters below surface, and has a targeted total depth of 2,926 meters.

SWA Lithium is also conducting a field program to re-enter the wells drilled in 2023 to conduct detailed reservoir testing and brine sampling work.

"The Standard Lithium and Equinor teams, along with our various field and drilling partners are working hard to gather all the remaining sub-surface data we require for our first commercial lithium project," said Andy Robinson, Standard Lithium's president. "The SWA Lithium Joint Venture remains focused on execution and moving the project towards commercialization."

The company said the remaining field programs are required so that its engineering and design partners can complete the front end engineering design and definitive feasibility studies by mid-2025.