Your World of Legal Intelligence
 United Kingdom | +44 (0) 20 7284 8080

Clontarf Energy Acquires 10% of Sasanof Prospect Offshore Western Australia.

Document Cited in Related
Vincent

MANews-(C)2009-2022

Ireland-based oil and gas exploration and production company Clontarf Energy plc (AIM: CLON) has acquired 10% of the Sasanof Prospect, offshore Western Australia, the company said.

The company acquired its stake in the multi-TCF (Trillion Cubic Feet) Sasanof exploration prospect (located mainly within Exploration Permit WA-519-P) through the acquisition of a 10% interest in Western Gas (519 P) Pty Ltd, which wholly owns the prospect.

Clontarf plans to drill the main target horizon in this prospect during May/June 2022.

The acquisition consideration will be comprised of a cash consideration of USD 4m, and 100m ordinary shares of 0.25p each, valued at GBP 480,000 as at May 6th close.

In the event of a discovery being declared at the Sasanof-1 Well, the consideration will be further increased by 150m ordinary shares, up to a maximum of GBP 8.7m, being 80% of the market capitalisation at May 6th close.

Sasanof is a large, seismically defined, amplitude supported prospect in the Cretaceous Lower Barrow Group at a depth of 2,500m. It is an up-dip prospect from the liquids rich Mentorc Gas Field, previously discovered by Hess Corp.

Operator Western Gas has secured the Valaris MS-1 semi-submersible drill rig with drilling scheduled for May/June 2022 at an estimated cost of circa USD 20m (of which Clontarf is funding USD 4 m), which is fully funded.

In the event that the costs for the Sasanof-1 Well overrun, Clontarf will be responsible for 20% of a further USD 5m.

Thereafter costs will paid for on a pro-rata basis (i.e. Clontarf would need to contribute 10%). Any such further contributions from Clontarf would be made as a loan to...

To continue reading

Request your trial
COPYRIGHT Normans Media Ltd.

VLEX uses login cookies to provide you with a better browsing experience. If you click on 'Accept' or continue browsing this site we consider that you accept our cookie policy. ACCEPT