Clontarf Energy PLC Sasanof-1 well completion (6998O)
June 14 2022 - 2:00AM
UK Regulatory
TIDMCLON
RNS Number : 6998O
Clontarf Energy PLC
14 June 2022
14th June 2022
Clontarf Energy plc
("Clontarf" or "the Company")
Sasanof-1 well completion
Clontarf Energy plc (AIM: CLON), announces completion of the
Sasanof-1 exploration well, located 207 km northwest of Onslow,
Western Australia:
The Operator, Western Gas ("WGC") has provided the following
update and review:
-- The Sasanof-1 exploration well was drilled by the Valaris
MS-1 semi-submersible without incident. The rig has de-mobilised
from the well location, and departed exploration permit WA-519-P on
12 June 2022.
-- The well has been plugged and permanently abandoned, with wellhead infrastructure removed.
-- The well was drilled to a total depth of 2,390 metres on 5
June 2022 and intersected the Lower Barrow Group target sands at a
depth of 2252.9 metres true vertical depth sub-sea (TVDSS), just
3.9 metres below the pre-drill prediction.
-- A preliminary evaluation indicates 40 metres of net sand was
encountered. However, logs confirmed that the sands contained
water, and no commercial hydrocarbons were detected.
-- Initial technical analysis indicates that the expected
western seal of the targeted stratigraphic trap was breached
allowing migration of gas out of the Prospect.
-- As planned, the well cost under US$25 million with a duration of 25 days.
WA-519-P BLOCK PROSPECTIVITY
The WA-519-P Block remains highly prospective, with material
leads identified in the proven Lower Barrow Group and Triassic
Mungaroo plays, as well as play opening leads in the Jurassic
"Perseus" Syn-rift.
Clontarf and its joint venture partners intend to review and
assess these leads with a view to progressing them to prospects,
utilising data from the Sasonof-1 well , to support future
exploration and targeted farm-out discussions.
COMMENT - CLONTARF ENERGY
"Sasanof was drilled on time, on budget and without incident,
which is testament to the hard work and focus of our team,
contractors and world-class service providers."
"We also acknowledge the support of our joint venture
participants - Western Gas, Global Oil and Gas, and Prominence
Energy."
"Clontarf will retain its 10% interest in the WA-519-P Block and
will work with its JV partners in further evaluating the remaining
exploration targets within the field, with a view to commence
targeted farm-out discussions."
"While Sasanof-1 did not intersect commercial hydrocarbons, we
did show that a consortium of juniors can identify, work-up, fund
and drill a high potential gas well in over a kilometre of water
depth."
" The partners will review deeper targets on this Block,
utilising the Sasanof-1 well data, to progress new prospects
through targeted farm-out discussions".
"Recent geopolitical events show the need for Europe and Asia to
secure additional LNG supplies. This requires exploration and
development of additional gas reserves in reliable locations".
David Horgan
Chairman
Clontarf Energy plc
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 596/2014.
Ends
For further information please visit http://clontarfenergy.com
or contact:
Enquiries:
Clontarf Energy
David Horgan, Chairman +353 (0) 1 833 2833
Nominated & Financial Adviser
Strand Hanson Limited
Rory Murphy
Ritchie Balmer +44 (0) 20 7409 3494
Broker
Novum Securities Limited
Colin Rowbury +44 (0) 207 399 9400
Financial PR
BlytheRay
Tim Blythe/Megan Ray +44 (0) 207 138 3206
Teneo
Luke Hogg
Alan Tyrrell
Ciara Wylie + 353 (0) 1 661 4055
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END
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