May 18, 2016 - 4:15 PM EDT
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ACL Announces Regulatory Approval to Drill on South Block A, Located in North, Sumatra Indonesia





ACL Announces Regulatory Approval to Drill on South Block A, Located in North, Sumatra Indonesia

Not for distribution in the United States or through United States wire services.



Calgary, Alberta (FSCwire) - ACL International Ltd.’s (“ACL”) (ACL:TSX-V) is pleased to announce that its subsidiary Renco Elang Energy Pte. Ltd. (“REE”), the operator of South Block A, (“ACL”) (ACL on TSX-V) is pleased to announce that it has received regulatory approval to drill the GM of Renco Elang Energy Pte. Ltd. (“REE”) has confirmed the drilling of the Amanah Timur #1 well (“AT1”) before November 30th 2016.  AT1 is located within the South Block A (“SBA”) concession onshore and offshore North Sumatra, Indonesia.    

 

AT1 will test the Paya Bili Prospect at a depth not exceeding 700 m TD and will evaluate reservoirs productivity in a pre-1940 oil field as well as evaluate untested deeper sandstone reservoirs which are known to be well developed in the area.  The prospect is located on a productive trend and has near term commercialization potential.

 

REE has identified an attractive portfolio of leads within SBA, with combined P50 an unrisked Prospective Resource of 442 BCF gas and 47 MMBBL oil/condensate. REE’s share of the resource is 169 BCF gas and 18 MMBBL oil/condensate. An estimate of probability of success of these leads range from 11 to 48%.

 

SBA lies within the North Sumatra Basin which is one of the most productive hydrocarbon provinces in Indonesia with over 80 known oil and gas fields.  ACL acquired a 38.25% working interest in the SBA asset in July 2015.  SBA is split into 2 blocks, the West block covers 1,256.5 sq km and East block covers 637 sq km.  The East block extends into the coastal area and includes a portion offshore.  The Assets block also includes 180 km of 2D Seismic, 50 km2 of 3D Seismic and 4 exploratory wells.

 

Through its wholly owned subsidiary Blue Sky Langsa Inc., ACL also owns 50% of the Langsa TAC (Technical Assistance Contract).  The Langsa field is a 77 square km concession in 300 feet of water depth.  Initially discovered by Mobil in 1980. Mobil drilled five wells and made two discoveries (L and H field).  Current gross production from the LLangsa TAC is approximately 884 bopd ( gross) from two wells which results in net share to ACL of 330 bopd after adjusting for the government’s share.

  which estimates ACL’s share as 442 bopd before adjusting for Government share.

 

FOR FURTHER INFORMATION, PLEASE CONTACT:

 

ACL International Ltd.

Mohammad Fazil, President and CEO

Telephone: (403) 613-7310

 

Statements in this press release may contain forward-looking information including, operating costs, administrative costs, acquisitions and dispositions, capital spending, access to credit facilities, income taxes, regulatory changes, and other components of cash flow and earnings. Any statements that are contained in this press release that are not statements of historical fact may be deemed to be forward looking statements. Forward-looking statements are often identified by terms such as “may”, “should”, “anticipate”, “expects” and similar expressions. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances {W:/DOCS/7152.001/01/00426536.DOC / 2} may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of ACL. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

 

The forward-looking statements contained in this press release are made as of the date of this press release, and ACL does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by securities law.

 

THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO SELL ANY OF THE SECURITIES DESCRIBED HEREIN IN THE UNITED STATES. THESE SECURITIES HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS UNLESS REGISTERED OR EXEMPT THEREFROM.

 

Neither the 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.



To view this press release as a PDF file, click onto the following link:
public://news_release_pdf/ACL05182016.pdf

Source: ACL International Ltd. (TSX Venture:ACL) www.acinternational.ca

 

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Source: FSCwire (May 18, 2016 - 4:15 PM EDT)

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