Share Talk spoke with David on the eve of one of the biggest announcements for the company, big thank you to the company for giving us this interview with CLON so close to TD and David is flying offshore tomorrow to go onboard the MS-1 rig
Here is a list of questions used in the interview:
- Nice to have you on the Share talk platform David, can you give our listeners a small overview of the company and current operations, please.
- Valaris MS-1 rig is on location, with the current schedule expects drilling through the target reservoir occurring, at the earliest, between Thursday 2nd and Sunday 5th June. Do you receive daily operational updates or will the operators notify you once they reach touch down?
- The recent acquisition for 10% of the Sasanof 1 drill under the WA-519 P license, do you have a percentage of any other upcoming drills?
- You did a placing for £3,500,000 (before expenses) working capital in April, as the Company’s board continues to assess new projects. In particularly advanced gas exploration prospects in Australia. Can you give our listeners any clues as to how that is progressing?
- How do you as a company see 2022 unfolding and what can investors look forward to?
Clontarf Energy plc (AIM: CLON), provide the following operational update yesterday on the drilling of the Sasanof-1 exploration well:
· Over last weekend the 17-1/2″ hole section was drilled to a planned depth at 2072.7 metres true vertical depth below the rotary table (TVDBRT).
· The geology of the intermediate section was assessed via the Logging While Drilling tools and all Formation tops were in accordance with pre-drill predictions. This illustrates the excellent quality seismic data and demonstrates consistency with the near-by Mentorc-1 and Mentorc-2 discoveries.
· 13-3/8″ casing was run and cemented in accordance with the Well Operations Management Plan.
· The next stage of operations has commenced with the rig Blow Out Preventer (BOP) and marine riser being prepared for deployment.
· This will be followed by drilling operations in the 12-1/4″ target hole section through the target reservoir intervals.
We anticipate drilling through the target reservoir section between 2nd and 5th June 2022.
Further updates will be provided upon the completion of campaign milestones.
The Sasanof Prospect covers an area of up to 400 km2 and is on trend and up-dip of Western Gas’ liquids rich, low CO2 Mentorc Field.
ERCE estimates the Sasanof Prospect to contain a 2U Prospective Resource of 7.2 Trillion Cubic Feet (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).
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 is our partner 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 Cline). The Equus Gas Project 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 Sasanof and comprises the following working interests:
· Clontarf Energy Plc (AIM: CLON) – 10%
· Western Gas – 52.5% (Operator)
· 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.
For further information please visit http://clontarfenergy.com or contact:
David Horgan, Chairman
John Teeling, Director
+353 (0) 1 833 2833
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