3rd Jul 2008 07:00
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For Immediate Release |
3 July 2008 |
Rift Oil plc
("Rift")
Drilling Update
Rift Finds Gas at PUK PUK-1
Rift Oil PLC (LSE : RIFT), is pleased to announce that drilling on its PUK PUK-1 exploration well in PNG has now reached the upper reservoir objective at a depth of approximately 1760 metres, significantly higher than originally expected. Increased gas levels similar to those experienced in Douglas-1 were observed upon intersecting the 'Alene Sand' objective. The results are very encouraging at this stage however their full impact and significance will only be ascertained once electric logs have been obtained, which will only occur when drilling reaches its Target Depth between 1900 and 2000 metres. The main reservoir objective, the 'Toro Sand', is now anticipated to be penetrated below 1820 metres.
Flow testing is expected to be completed at PUK PUK-1 by the end of July at which point the potential of the field, and the impact of the discovery of gas at a higher level than anticipated, can be accurately assessed. Flow testing at Douglas-1 will follow and will be completed and assessed by the end of August.
Ian Gowrie-Smith, Chairman, commented :
"We have found gas, importantly 150m higher than expected which is a great sign.
"We are exceptionally pleased with the indication that PUK PUK is a gas discovery, further confirming our belief that our assets in Papua New Guinea have the potential to become commercial projects and we look forward to updating shareholders on our progress at this exciting stage of our development."
Rift will be presenting at the oilbarrel.com conference being held today in London.
Peter Mikkelsen FGS, AAPG, as the qualified non-executive Director has reviewed this statement and authorised its release.
Further enquiries:
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Rift |
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David Lees, Ian Gowrie-Smith |
020 7340 9970 |
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Buchanan Communications |
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Tim Anderson, Isabel Podda |
020 7466 5000 |
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RBC Capital Markets |
020 7653 4804 |
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