REG - Clontarf Energy PLC - Sasanof-1 well completion

Clontarf EnergyAnnouncement

14/06/2022 07:00

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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 (https://www.lawinsider.com/dictionary/tvdss)  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
(http://clontarfenergy.com) or contact:

 

Enquiries:

 

 Clontarf Energy                    +353 (0) 1 833 2833

 David Horgan, Chairman

 Nominated & Financial Adviser      +44 (0) 20 7409 3494

 Strand Hanson Limited

 Rory Murphy

 Ritchie Balmer

 Broker                                     +44 (0) 207 399 9400

 Novum Securities Limited

 Colin Rowbury

 Financial PR                       +44 (0) 207 138 3206

 BlytheRay

 Tim Blythe/Megan Ray

 Teneo                              +353 (0) 1 661 4055

 Luke Hogg

 Alan Tyrrell

 Ciara Wylie

 

 

 

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