Valaris MS-1 Commences Rig Move Activities For Sasanof-1

The Company is pleased to announce that Western Gas (“WGC”) has provided an operational update on the drilling of the Sasanof-1 exploration well.

Highlights

• Valaris MS-1 rig has commenced mobilisation activities for departure to the Sasanof Prospect on the North West Shelf
• Secondary anchors securing the rig at Dampier outer harbour have been pulled, and the rig is secured to the GO Spica support vessel bridle for the tow to the Sasanof-1 exploration well location
• Primary anchors will then be recovered by the Far Senator, and the tow commenced. Transit time is expected to be approximately four days, weather dependent
• All required equipment has been loaded onto the rig for commencement of drilling
• Preliminary preparations for drilling operations are being conducted:
  • Mud mat, low pressure wellhead housing and conductors prepared for deployment
  • 13-3/8” casing stands made up and racked in preparation for deployment on completion of 17-1/2” hole section
  • Third party services equipment being installed and tested
• Drilling operations (conductor jetting) are expected to commence during week starting Monday 23 May 2022

ABOUT SASANOF

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.

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