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MOLOPO ENERGY LIMITED
ABN 79 003 152 154
Registered Office
Level 14, 31 Queen Street, Melbourne, Vic. 3000, Australia
GPO Box 223, Melbourne, Vic. 3001, Australia
Telephone: (61 3) 9618 8722 Facsimile: (61 3) 9620 2804
Website: www.molopo.com.au Email: [email protected]
ASX ANNOUNCEMENT / MEDIA RELEASE 17 October 2011
MOLOPO SPUDS OUNGRE EAST 9-21
EXPLORATION WELL IN SASKATCHEWAN, CANADA
Molopo is pleased to announce that it has commenced drilling the Molopo Oungre East 9-21 Hz exploration well in its Bakken acreage located in Saskatchewan, Canada.
This well is testing the eastern limit of the known ‘Oungre’ producing pool. It will initially be drilled vertically to determine the Bakken reservoir characteristics and hydrocarbon potential in this area. Subject to the results from the initial vertical drilling, the well will then be side tracked and drilled horizontally to a total depth (TD) of 3600m. The drilling is anticipated to be finished within 25 days.
Molopo holds a 100% interest in this well and is the operator.
The Oungre East 9-21 well is located in the Torquay portion of Molopo’s Bakken acreage. Following the drilling of the Oungre East 9-21 well, Molopo will have an option to drill an additional well in the Torquay area to earn an interest in an additional 4,000 acres. Molopo’s current acreage position in the Bakken area is ~46,100 net acres.
This is the second well in Molopo’s 2011 drilling program in the Bakken, following the drilling of the non-operated Roche Percee 16-34 well (25% working interest) in the Taylorton area, which reached TD of 3717m in September. Further details on the status of this well will be given in the October Operational Update.
Molopo expects to drill a further 3-7 wells in the Bakken acreage during Q4 2011 and into early 2012.
Regional Activity
To the west of the Oungre East 9-21 well site, offsetting production has been established in the Oungre and Hoffer fields yielding encouraging and economic results. In Oungre, of the six wells with reported production, the average production for the first three months has been 219 bbl/d per well. At Hoffer, seven wells have reported their first three months of Bakken production with an average production rate of 137 bbl/d per well.
Issued by: Molopo Energy Limited
For further information contact: Ian Gorman CEO +61 3 9618 8722
Joanna Hughes IR + 61 3 9618 8722