January 20, 2017 - 12:35 PM EST
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ACL International Ltd. Update on Amanah Timur-1 Well




ACL International Ltd. Update on Amanah Timur-1 Well

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



Calgary, Alberta (FSCwire) - ACL International Ltd. (ACL:TSX-V) (“ACL or the Company”) announces that the Amanah Timur-1 well at South Block A (“SBA”) has been plugged and abandoned at a depth of 347 meters.  The planned total depth of 570 meters could not be reached due to stuck drill pipe.  The driller was unable to free the stuck drill pipe and as a result the Company was not able to assess the two deeper objectives.  ACL’s subsidiary Renco Elang Energy (REE), the operator, is working on future plans to appraise this discovery. 

 

The Amanah Timur-1 well encountered up to four gas zones and some potential oil zones.  During well control operations gas was flared and the Company believes it to be from the well developed “700” sandstone intersected from 336 to total depth at 347m KB. The decision to plug the well was due to the inability to free the stuck drill pipe and to ensure the various hydrocarbon zones were isolated.

 

This well is a potential new field discovery and REE will work with the Indonesian Regulator to explore commercialization options and accelerate appraisal.  Future wells would be intended to test the deeper “800” and “900” sandstones as well.

 

This completes the remaining drilling commitment for South Block A.  ACL is pleased with the results despite the fact that total depth could not be reached.  This will now provide a longer term viability for South Block A around this discovery and other prospects that have been identified.

 

About ACL International Ltd.

 

ACL’s other Indonesian oil and gas assets include (a) 50% of Langsa TAC, an offshore field with gross production of 884 bopd; and (b) 44.25% in South Block A PSC (“SBA”), an onshore block located in the North Sumatra Basin, which is one of the most productive hydrocarbon regions in Indonesia with over 80 known oil and gas fields.  ACL’s subsidiary Renco Elang Energy Pte. Ltd. (“REE”) is the operator of SBA.

 

FOR FURTHER INFORMATION, PLEASE CONTACT:

 

ACL International Ltd.

Mohammad (Mo) Fazil, President and CEO

Telephone: +1 (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 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/ACLJan202017.pdf

Source: ACL International Ltd. (TSX Venture:ACL)

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Source: FSCwire (January 20, 2017 - 12:35 PM EST)

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