Clontarf Regulatory News (CLON)

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

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