Clontarf Energy PLC - Dublin-headquartered oil & gas exploration and production company - Completes the Sasanof-1 exploration well in Western Australia. The well was drilled without incident to a total depth of 2,390 metres. The rig has since been re-mobilised and departed from the WA-519-P exploration permit. Well has been plugged and permanently abandoned. Preliminary evaluation of the well indicates 40 metres of net sand encountered, containing water and no commercial hydrocarbons.
Company says the WA-519-P block remains "highly prospective" and intends to review and assess the leads at the block with the view to progressing them to prospects.
Chair David Horgan says: "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."
Current stock price: 0.082 pence
12-month change: down 74%
By Heather Rydings; heatherrydings@alliancenews.com
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Clontarf (CLON)