RNS14 Jun 2022 08:06
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 locat