VANCOUVER, British Columbia, Feb. 12, 2018 (GLOBE NEWSWIRE) -- Stamper Oil & Gas Corp. (TSX-V:STMP) (FSE:TMP2) (OTCQB:STMGF) (“Stamper” or “the Company”) is pleased to provide the following update on its operations in Sudan.
The Rawat C-10 well on Block 25 was drilled resulting in a discovery, proving up the economics of the well. It had impressive flow rates of 2,255 barrels per day (two thousand two hundred fifty five barrels) in two zones. The management believes that this discovery will add to the evaluated reserves previously announced in the (“Chapman Reserves Evaluation Report”) on January 23, 2018.
The Company has 35% working interest (“W.I.”) in the Block 25 prospect. The CAPEX obligation under the Exploration & Production Sharing Agreement (the “EPSA”) has already been fulfilled by the Sudanese operating company.
Discovery
The development well Rawat C-10 was drilled down to the Galhak sands of campanian age. Results from the drill stem tests (DST) within zones at 1,550m through 1,566m contributed to impressive oil flow rates of 2,065 barrels per day. A second test area in the Galhak sands at intervals tested 1,587m through 1,599m had oil flow rates of 190 barrels per day. Correlation between the wells RC5–RC10–RC6 clearly indicates prospective Galhak sands for forthcoming additional potential infill wells. Well logs of all correlating wells indicate additional multiple oil bearing zones to be tested on completion.
The discovery of development well Rawat C-10 and the high oil flow rates gives management more confidence and complements Stamper’s aggressive development strategy put forth in the Oil & Gas reserves and economics evaluation report (“Chapman Reserves Evaluation Report”) for Stamper on the Sudan development prospect under National Instrument 51-101 (“NI 51-101”).
Third party seismic interpretation within central basin shows potential Galhak sands run across the central sub basin at places formation thickness is recorded up to few hundred meters. Earlier test reports of drilled wells in Rawat central sub basin suggest flow rates range from 350 bbl/d to 1,741 bbl/d are significantly lower than new discovery well being reported.
David Greenway, Chief Executive Officer of Stamper Oil & Gas, commented, “We are anticipating that we will receive an update from Chapman Petroleum Engineering on evaluated reserves shortly. We believe this will support the Company’s execution plan for our Sudan assets and to deliver growth in net asset value per share for our shareholders.”
Operating Block
Block 25 prospect is located in the White Nile State in the south eastern portion of the Republic of Sudan, adjacent the border with Republic of South Sudan. The land is arid and relatively flat. The area is sparsely populated and is located west of the White Nile. There is limited road system and agriculture in the area. The nearest major communities are Kosti and Rabak about 150 km north of the project area where there is a railway station, airport and a major sugar refinery. The Government of Sudan is anxious to develop its oil resources and the Company has the full support and assistance of the government.
Operating costs have been estimated to be $10,000 per well per month plus $8.00 stock tank barrels (“STB”) operation costs. It is estimated that transportation costs to a sales point will be $5.00/STB.
About Stamper Oil and Gas
Stamper Oil and Gas Corp. (TSX-V:STMP) is an independent international oil and gas company, engaged in the acquisition, exploration and development of conventional oil and natural gas properties. The Company plans to identify and build out a portfolio of high-impact oil and gas prospects, with a focus on Africa. Stamper is committed to creating sustainable shareholder value by evaluating and developing future prospects into commercially viable assets.
For further information on Stamper Oil and Gas please visit www.stamperoilandgas.com
Qualified Person
The scientific and technical information contained in this news release has been reviewed and approved by Dr. Qamar M. Malik, MSc., Ph.D., Petroleum Engineering, who is a “Qualified Person” as such term is defined under National Instrument 51-101 (“NI 51-101”) and Canadian Oil and Gas Evaluation (“COGE”) Handbook.
ON BEHALF OF THE BOARD OF DIRECTORS
“David C. Greenway”
President & Director
For further information, please contact:
Stamper Investor Relations
Phone: (604) 684-2401
Email: info@stamperoilandgas.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This news release contains certain statements that may be deemed "forward-looking" statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although Stamper Oil & Gas Corp. believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of Stamper Oil & Gas Corp. management on the date the statements are made. Except as required by law, Stamper Oil & Gas Corp undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.