Stockle Deep Dive on Sasanof-1, page-4

Useful video thanks, doubled my holding of options the other day.

Below from the Rat's Rant newsletter:

PRM - Prominence Energy Limited today closed up 22% to finish at 1.1c on $1.5m stock traded. The reason they were up today was because they announced mobilisation of equipment to its drilling rig has now commenced in preparation for drilling of the Sasanof-1 well in late May.

Drilling equipment and bulk materials are now being prepared for transfer to the Valaris MS-1 rig which is anchored in the Dampier outer harbour.

Sasanof contains a 2U Prospective Resource of 7.2 trillion cubic feet (Tcf) gas and 176 Million barrels of oil (bbls) condensate with a 32% geological chance of success.

I do know the boys and girls on the board here too and I will be catching up with my mate Danny Glover & Lamb Rump very soon to get the run down on what we are hoping for from this well in a few weeks time.

Again share that with you once calendar is cleared !!!

Some details on what they do are listed below:

Company Overview

Prominence Energy Ltd is a public company based in Perth, Western Australia that is listed on the Australian Stock Exchange (“ASX”) under the code “PRM”.

As announced in December 2021, and completed in March 2022, PRM has acquired a 12.5% interest in the high impact Sasanof prospect, that will be drilled in May 2022.

Sasanof is a large, seismic amplitude supported, structural-stratigraphic trap in the high-quality reservoir sands at the top of the Cretaceous top Lower Barrow Group formation on the Barrow Delta within the Exmouth Plateau.

The Sasanof Prospect covers an area of up to 400 km2 and is on trend and updip of the liquids rich, low C02 Mentorc Field.

Drilling will commence in May 2022 using the Valaris MS-1 semi-submersible Rig.

Logistical operations have now commenced with all long lead items being delivered to the Port of Dampier in preparation for loading on to the MS-1 in late April 2022.

The Bowsprit project in Louisiana, USA has been the main focus of the Company in the last two years in the build up to drilling.

The first Bowsprit-1 well was drilled in October 2021 to appraise a potential upside extension to the field.

Unfortunately, the field extension was not present and the Bowsprit, project is restricted to the modest, but commercial upper Miocene T1 reservoir, that Prominence will seek to put on production in 2022.

The Breton Sound and surrounding inland shallow waters offshore Louisiana, hold a prolific hydrocarbon basin that was extensively developed in the 1950’s to 1990’s.

In the late 1990’s industry activity focus shifted to deeper waters and the area has been largely neglected since.

Technical review of the available data, indicates to Prominence that there are opportunities for commercial development of established, but moderately thin oil reservoirs which have historically tested or produced oil at modest or sub-economic rates from vertical wells.

Prominence believes that with good 3D visualization and employing the latest horizontal drilling techniques, which have been refined during the unconventional oil boom, it will be possible to find projects that will produce and will be commercially robust at current oil prices.

The initial 50/50 Bowsprit lease that was acquired in August 2017, has near term production potential through the planned redevelopment of a reservoir that produced oil in 1960’s at low rates from two vertical wells.

Prominence as Operator, intends to develop the field with a modern horizontal well and re-establish production.