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Global Oil & Gas Limited is pleased to announce that Western Gas (“WGC”) has advised that London Stock Exchange listed company Clontarf Energy Plc (AIM: CLON) has acquired a 10% intertest in the Sasanof-1 exploration well.
Highlights
- Clontarf Energy Plc acquires 10% of Sasanof-1 reflecting international interest in the highly anticipated exploration well on the North West Shelf
- Sasanof-1 designated by IHS Markit (part of S&P Global) as one of the worldwide top 20 most high impact wells of 2022
- The Valaris MS-1 rig is due to commence tow to the Sasanof-1 location on 16 May 2022, with drilling operations expected to commence on 24 May 2022
- Sasanof is a 2U Prospective Resource of 7.2 Tcf gas and 176 Million bbls condensate (P501), with 32% geological chance of success
The investment by Clontarf reflects international focus this year on the Sasanof Prospect.
Clontarf will fund 20% of the Sasanof-1 well through the acquisition of 10% of Western Gas (519P) Pty Ltd (the holding company for Sasanof). Western Gas retains a strategic 52.5% interest in Western Gas (519 P) Pty Ltd following the farm down to Clontarf.
The are no changes to other investor interests in Western Gas (519 P) Pty Ltd.
In January 2022, IHS Markit released a report on the contribution of high impact wells in 2021 to global gas resources, with an expectation that high impact exploration drilling in 2022 will continue to have a global impact.
IHS Markit noted the Sasanof Prospect as one of only two high impact wells in the Asia Pacific region of the 20 global high impact wells planned to be drilled in 2022.
The MS-1 is expected to take approximately four days to reach the Sasanof Prospect, which is approximately 200 km northwest of Onslow, Western Australia, following which the rig and support vessels will prepare for drilling the Sasanof-1 exploration well. The well will be drilled vertically to a total depth of 2500 m in 1070 m of water.
Commencement of the drilling operations (jetting 36” conductor) is expected to commence on 24 May 2022, once the rig is on location and anchors have been set.
ABOUT THE SASANOF PROSPECT
The Sasanof Prospect covers an area of up to 400 km2 and is on trend and updip of Western Gas’ liquids rich, low C02 Mentorc Field.
ERCE estimates the Sasanof Prospect to contain a 2U Prospective Resource of 7.2 Tcf gas and 176 Million bbls condensate (P501), with a high case 3U Prospective Resource estimate of 17.8 Tcf gas and 449 Million bbls condensate (P101).
Sasanof is a large, seismic amplitude supported, structural-stratigraphic trap in the high-quality reservoir sands at the top of the Cretaceous top Lower Barrow Group formation on the Barrow Delta within the Exmouth Plateau.
Sasanof-1 will be Western Gas’ first well drilled from its extensive exploration portfolio surrounding the existing Equus Gas Project that contains a discovered resource of 2 Tcf and 42 MMbbl (2C Gaffney Cline2). The Equus Gas Project has a historic exploration drilling success rate of 88%, with 15 discoveries from 17 wells.
Authorised by the Board of Global Oil & Gas Limited.
For further information please contact:
Patric Glovac
Director
Click here for the full ASX Release
This article includes content from Global Oil & Gas Limited , licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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