Clontarf Energy PLC has acquired a 10% interest in the forthcoming Sasanof-1 wildcat operated by Western Gas Corp. in permit WA-519-P off Western Australia.
The company will fund 20% of the well through the acquisition of 10% of Western Gas (519P) Pty Ltd. (the holding company for Sasanof) and issue Western Gas up to 250 million Clontarf ordinary shares.
Western Gas will retain a 52.5% interest in Western Gas (519P) following the farm down. Western Gas will now fund 10% of the well.
Other investors remain unchanged with Global Oil & Gas Ltd. funding 50% and Prominence Energy Ltd. 25% to obtain 25% and 12.5% interest, respectively.
Sasanof-1 is expected to spud May 24. The prospect has been independently estimated to contain a 2U prospective resource of 7.2 tcf of gas and 176 million bbl of condensate.
The well is on trend and updip of Western Gas’ liquids-rich and low carbon dioxide Mentorc field which is part of the Equus field group.
It will be drilled by the semi-submersible Valaris MS-1 rig.
