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Global Oil and Gas (ASX:GLV) and Prominence Energy (ASX:PRM) reveal “disappointing” outcome for Sasanof-1

ASX News, Energy
ASX:GLV
06 June 2022 10:57 (AEST)

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Global Oil and Gas (GLV) and Prominence Energy (PRM) have announced a “disappointing” result from the Sasanof-1 well in WA’s North West Shelf.

The well was drilled and jointly funded by Western Gas, which holds the majority 52.5 per cent interest, along with GLV which holds 25 per cent, PRM with 12.5 per cent, and London Stock Exchange-listed Clontarf Energy, which owns the remaining 10 per cent stake.

Over the weekend, the companies drilled through the target reservoir sand section which, according to Global Oil and Gas, was predicted to be a series of coarsening upward sandstone cycles with a gross thickness of 80 metres.

The Sasanof-1 has now been drilled to a total depth of 2390 metres but failed to intersect any commercial hydrocarbons.

“Obviously the whole team is disappointed with the result of the well and for our shareholders, but commend all the service providers that have enabled the drilling of the well,” GLV Managing Director Patric Glovac said.

Prominence Energy’s Managing Director Alex Parks shared the same sentiment.

“We are obviously disappointed with the result of the well, but would like thank our shareholders for their support, and to commend Western Gas and all the service providers that have enabled the drilling of this well.”

The well will now be plugged and permanently abandoned before de-mobilisation activities commence.

Global Oil and Gas said it will continue to advance its assets in the Georgina Basin and Canning Basin.

GLV shares were down 78.6 per cent to trade at 0.5 cents and PRM shares fell 75 per cent to trade at 0.2 cents at 10:56 am AEST.

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