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Global Oil and Gas Limited is pleased to announce that the 187,500,000 fully paid ordinary shares held by Barclay Wells Limited under the Finance Facility (see previous announcement 7 September 2021) have been sold on-market via a special crossing to clients of several AFSL holders (being sophisticated or professional investors under the Corporations Act who are not related parties of GLV)
Proceeds of the sale ($4,500,000 less costs) will be used by the Company to fund the budget for its 25% interest in the multi TCF Sasanof-1 Prospect. The Company is fully funded for its commitment of the initial budget.
The Sasanof Prospect is on trend and updip of the liquids rich, low CO2 Mentorc Gas and Condensate Field and nearby the Giant Gas Fields of Scarborough and lo-Jansz in the Carnarvon Basin.
ERC Equipoise Ltd (ERCE) has determined Sasanof has an estimated 2U Prospective Resource of 7.2 Tcf gas and 176 Million bbls condensate (P50), with a 32% Chance of Success. The high case 3U Prospective Resource estimate is for 17.8 Tcf gas and 449 Million bbls condensate (P10).
Sasanof-1 will be a vertical well and drilled to a total depth of approximately 2500 m in 1070 m of water, providing a low cost, high impact exploration well in a known and proven hydrocarbon province. Drilling costs are estimated at US$20-25 million.
Western Gas has now secured all necessary Government approvals required to drill the Sasanof-1 exploration well on the North West Shelf.
Loading of the rig is expected to commence in late April, with mobilisation from the Port of Dampier to the well location anticipated to commence in early May 2022.
GTT Ventures Pty Ltd ("GTT") assisted in the special crossing (as one of the AFSL holders) and will be entitled to the same arm's length fees payable under the transaction.
The Company notes that GLV Director Patric Glovac is also a director and shareholder of GTT.
For further information please contact:
This article includes content from Global Oil and Gas Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.