Sasanof-1 partners Western Gas “first exploration well” new’s update expected

This was covered over the holidays in the Oil & Gas weekly blog, but we thought we would give a highlight again in case readers missed it.

Author @ABMckinley

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

Last Monday the companies update the markers here in the UK and Australia “Intermediate Section drilled, cased and cemented”. The countdown had started with the anticipate drilling through the target reservoir section between 2nd and 5th June 2022.

What a few may have missed was the Global Oil and Gas (ASX: GLV) update on Friday – ASX with London markets closed for the Jubilee celebrations. 

Share talk spoke to Clontarf Energy plc (AIM: CLON) David Horgan, Chairman last Tuesday just before he flow offshore to join the team onboard the MS-1 semisubmersible, Sasanof-1 exploration well, Western Australia.

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?

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.

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%

Sasanof-1 is CLON 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 clock is on the final count down folks, got to be in it to win it, good luck to all holders

Author @ABMckinley

The opinions expressed here are those of the author

Disclaimer: This blog is provided for general information and It does not constitute investment advice, not buy or sell shares, warrants or bonds in any companies written about within the blog. Information is taken from publicly available sources and any comment is that of the author.

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