Sasanof-1 well mobilisation update

RNS Number : 3997M

Clontarf Energy PLC

23 May 2022

 

23rd May 2022

Clontarf Energy plc

("Clontarf" or "the Company")

Sasanof-1 well mobilisation update

Clontarf Energy plc (AIM: CLON) , is pleased to provide the following operational update on the drilling of the Sasanof-1 exploration well, and will issue further updates upon the completion of campaign milestones:

· The Valaris MS-1 rig has arrived at the Sasanof-1 exploration well location on the Australian North West Shelf.

· The MS-1 semi-submersible drilling rig completed the 190 Nautical Miles mobilisation safely and efficiently under tow from the support vessel, GO Spica.

· While under tow, the support vessel, Far Senator, continued logistical support operations, mobilising drilling mud, bulk equipment and supplies from the Port of Dampier.

· Primary anchors are now being run and will be followed by deployment of secondary and tertiary anchors; a total of 12 anchors will be set.

· Once anchoring is complete, spudding of the prospective Sasanof-1 well, targeting multi Tcf (Trillion Cubic Feet) of gas , will start with jetting of the 36" conductor.

· This will be followed by drilling the 17-1/2" intermediate hole section.

ABOUT SASANOF

The Sasanof Prospect covers circa 400 km² and is on trend, and up-dip of the liquids rich, low CO₂ Mentorc Field.

ERC Equipoise Ltd ("ERCE") estimates the Sasanof Prospect to contain a 2U Prospective Resource of 7.2 Tcf gas and 176 Million barrels (bbls) condensate (P50), with a high case 3U Prospective Resource estimate of 17.8 Tcf gas and 449 Million bbls condensate (P10).  The Sasanof undiscovered resources figures in this announcement are based on an Independent Assessment of Hydrocarbon Volumes for the Sasanof Prospect, Western Australia completed by ERCE  in August 2021.

Sasanof is a large, seismic amplitude supported, structural-stratigraphic trap in the high-quality reservoir sands at the top of the Cretaceous Lower Barrow Group formation on the Barrow Delta within the Exmouth Plateau.

The overall "Equus Gas Project" area has a historic exploration drilling success rate of 88%, with 15 discoveries from 17 wells.

Western Gas (519P) Pty Ltd" is the holding company for the Sasanof prospect, with the following working interests:

· Clontarf Energy Plc (AIM: CLON) - 10%

· Western Gas (Operator) - 52.5%

· Global Oil and Gas (ASX:GLV) - 25%

· Prominence Energy (ASX:PRM) - 12.5%

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 or contact:

Enquiries:

Clontarf Energy David Horgan, Chairman John Teeling, Director	[phone]
Nominated & Financial Adviser Strand Hanson Limited Rory Murphy Ritchie Balmer	[phone]
Broker Novum Securities Limited Colin Rowbury	[phone]
Financial PR BlytheRay Megan Ray	[phone]
Teneo Luke Hogg Alan Tyrrell Ciara Wylie	+ 353 (0) 1 661 4055

 

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