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CLON Clontarf Energy Plc

0.0365
0.0005 (1.39%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Clontarf Energy Plc LSE:CLON London Ordinary Share GB00B09WLX62 ORD 0.01P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.0005 1.39% 0.0365 0.035 0.038 0.037 0.036 0.036 152,015,525 15:52:19
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Gold Ores 0 -4.77M -0.0009 -0.44 2.08M

Clontarf Energy PLC Sasanof-1 well completion (6998O)

14/06/2022 7:00am

UK Regulatory


Clontarf Energy (LSE:CLON)
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TIDMCLON

RNS Number : 6998O

Clontarf Energy PLC

14 June 2022

14th June 2022

Clontarf Energy plc

("Clontarf" or "the Company")

Sasanof-1 well completion

Clontarf Energy plc (AIM: CLON), announces completion of the Sasanof-1 exploration well, located 207 km northwest of Onslow, Western Australia:

The Operator, Western Gas ("WGC") has provided the following update and review:

-- The Sasanof-1 exploration well was drilled by the Valaris MS-1 semi-submersible without incident. The rig has de-mobilised from the well location, and departed exploration permit WA-519-P on 12 June 2022.

   --    The well has been plugged and permanently abandoned, with wellhead infrastructure removed. 

-- The well was drilled to a total depth of 2,390 metres on 5 June 2022 and intersected the Lower Barrow Group target sands at a depth of 2252.9 metres true vertical depth sub-sea (TVDSS), just 3.9 metres below the pre-drill prediction.

-- A preliminary evaluation indicates 40 metres of net sand was encountered. However, logs confirmed that the sands contained water, and no commercial hydrocarbons were detected.

-- Initial technical analysis indicates that the expected western seal of the targeted stratigraphic trap was breached allowing migration of gas out of the Prospect.

   --    As planned, the well cost under US$25 million with a duration of 25 days. 

WA-519-P BLOCK PROSPECTIVITY

The WA-519-P Block remains highly prospective, with material leads identified in the proven Lower Barrow Group and Triassic Mungaroo plays, as well as play opening leads in the Jurassic "Perseus" Syn-rift.

Clontarf and its joint venture partners intend to review and assess these leads with a view to progressing them to prospects, utilising data from the Sasonof-1 well , to support future exploration and targeted farm-out discussions.

COMMENT - CLONTARF ENERGY

"Sasanof was drilled on time, on budget and without incident, which is testament to the hard work and focus of our team, contractors and world-class service providers."

"We also acknowledge the support of our joint venture participants - Western Gas, Global Oil and Gas, and Prominence Energy."

"Clontarf will retain its 10% interest in the WA-519-P Block and will work with its JV partners in further evaluating the remaining exploration targets within the field, with a view to commence targeted farm-out discussions."

"While Sasanof-1 did not intersect commercial hydrocarbons, we did show that a consortium of juniors can identify, work-up, fund and drill a high potential gas well in over a kilometre of water depth."

" The partners will review deeper targets on this Block, utilising the Sasanof-1 well data, to progress new prospects through targeted farm-out discussions".

"Recent geopolitical events show the need for Europe and Asia to secure additional LNG supplies. This requires exploration and development of additional gas reserves in reliable locations".

David Horgan

Chairman

Clontarf Energy plc

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                  +353 (0) 1 833 2833 
 
 Nominated & Financial Adviser 
  Strand Hanson Limited 
  Rory Murphy 
  Ritchie Balmer                         +44 (0) 20 7409 3494 
 
 Broker 
  Novum Securities Limited 
  Colin Rowbury                          +44 (0) 207 399 9400 
 
 Financial PR 
  BlytheRay 
  Tim Blythe/Megan Ray                   +44 (0) 207 138 3206 
 
 Teneo 
  Luke Hogg 
  Alan Tyrrell 
  Ciara Wylie                            + 353 (0) 1 661 4055 
 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

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END

MSCFLFIERAIVLIF

(END) Dow Jones Newswires

June 14, 2022 02:00 ET (06:00 GMT)

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