Rift Helium Regulatory News (RIFT)

26 Sep 2008 07:00



Rift Oil plc

("Rift")

Puk Puk Update

The Directors of Rift are delighted to provide the following update on testing at Puk Puk. 

Testing commenced on 24 September 2008. During initial clean-up flow to flare, of the combined Toro and Lower Hedinia pay intervals, a calculated gas flow rate of 29.2 million cubic feet per day was achieved on a 64/64" choke, at a surface flowing pressure in excess of 1200 psi. A separate flow on the Lower Hedinia alone was measured at 20.85 mmcf/d on 48/64" choke, with a surface flowing pressure of 1732 psi.

The forward programme is to isolate and flow each of the Toro and Lower Hedinia through the separator equipment, followed by the clean up and separator flow test of the Upper Hedinia. Separator equipment is on site to provide a measure of the liquids yield of the gas, once flow rates have stabilised.

Ian Gowrie-Smith, Chairman, commented:

 "We are very pleased with these initial flow rates, which are in line with what we expected from the well developed Toro reservoir. The Lower Hedinia rate from thinner sands is also highly encouraging. We look forward to reporting on the completed testing programme during October, at which point we will be able to give a fuller analysis."

Peter Mikkelsen FGS, AAPG, as the qualified non-executive Director has reviewed this statement and authorised its release.

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