• Tue. May 17th, 2022

Oil & Gas Australia

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High Impact Sasanof-1 Exploration Well Attracts International Interest

May 10, 2022

Western Gas is pleased to advise that London Stock Exchange listed company Clontarf Energy Plc has acquired a 10% intertest in the Sasanof-1 exploration well.

 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) and issue Western Gas Corporation Pty Ltd (Western Gas) up to 250 million Clontarf ordinary shares.

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, these being Global Oil & Gas Ltd (25%) and Prominence Energy Limited (12.5%).

In January 2022, IHS Markit (part of S&P Global) 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.

UK-headquartered energy consultancy 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).

“Western Gas is delighted to welcome Clontarf Energy to the Sasanof campaign. The start line is in sight with only a matter of days before the rig departs for the Sasanof location on the North West Shelf.” said Will Barker, Executive Director