- Western Gas Corporation advises its joint venture partners Global Oil and Gas (GLV) and Prominence Energy (PRM) that it has secured the funds required to meet its cost commitments for their Sasanof-1 well on WA’s North West Shelf
- Global Oil and Prominence also have their funding locked in, which means drilling is now fully funded and preparations for the exploration well have begun including mobilisation of the MS-1 semi-submersible drill rig
- Western Gas’s funding Western Gas Corporation (WGC) in order to maintain its working interest of 62.5 per cent, while GLV has 25 per cent and PRM has 12.5 per cent
- Spudding of Sasanof-1 is slated to take place in early May 2022
- GLV shares up two per cent to 2.6 cents and PRM shares up 8.33 per cent to 1.3 cents
Western Gas Corporation has advised its joint venture partners Global Oil and Gas (GLV) and Prominence Energy (PRM) that it has secured the funds required to meet its cost commitments for their planned Sasanof-1 well on WA’s North West Shelf.
Global Oil and Prominence also have their funding locked in, which means drilling is now fully funded and preparations for the exploration well have begun including mobilisation of the MS-1 semi-submersible drill rig.
Western Gas’s funding maintains its working interest in the Sasanof prospect at 62.5 per cent, with Global Oil holding a 25 per cent working interest and Prominence 12.5 per cent.
Spudding of Sasanof-1 was slated to take place in early May 2022.
Sasanof potentially contains a 2U prospective resource of 7.2 trillion cubic feet of gas and 176 million barrels of condensate and has a 32 per cent geological chance of success, according to Western Gas.
With all regulatory approvals in place, logistical operations have commenced with all long lead items being delivered to the Port of Dampier in readiness for loading onto the MS-1 in late April 2022.
GLV shares were trading two per cent higher at 2.6 cents and PRM shares were up 8.33 per cent to 1.3 cents at 1:51 pm AEDT.