Calgary, Alberta (FSCwire) - International SoftRock Oil Company Limited (TSX-V: SOF) (“SoftRock” or the “Company”) announces that it is considering its option to assume control of the Bakassi West block on the Niger Delta, Cameroon, after receiving notices that its partners have determined to withdraw from the concession.
Background:
The Manatee-1 well, located in shallow water in the Rio Del Rey Basin, offshore Cameroon, was the first exploration well drilled by the partners in this region of the prolific Niger Delta basin. The well intersected 26 meters of net gas pay. Wellbore conditions did not permit the acquisition of data using the full suite of logging tools in the deeper sections of the well and therefore any analysis of the lower sections remains inconclusive. Cameroon authorities are considering the partners’ proposal to grant a one year extension of the permit to allow additional technical work to be completed, including evaluation of the commercial viability of the gas discovery.
Update:
In the interim SoftRock has received notices of withdrawal from both SDX Energy and Dana Petroleum Limited. Under the terms of the concession agreements, SoftRock has the option of assuming control of the concession and has a 30-day period in which to do so. The Company is conducting discussions with authorities to determine the most appropriate path forward at this time.
Don Vandergrift, President and Chief Executive of SoftRock, commented:
“We remain strong supporters of the potential of the Bakassi blocks. The Manitee-1 well results confirmed a working hydrocarbon system and we would like to assess whether the discovered gas has commercial potential. In addition, we are particularly motivated by the fact that much of the oil bearing potential of the northern portion of the property remains untested. With the large amounts of data available to us after the completion of the Bakassi seismic program and the drilling of the Manatee-1 well, we are in a good position to move ahead with alternative evaluation strategies, including considering the interest expressed by other potential partners and the restructuring of the concessions package.”
For further information contact:
David Pinkman, Chief Financial Officer
International SoftRock Oil Company Limited
Tel: 1 403 863 6034
Email: dpinkman@softrockoil.com
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To view this press release as a PDF file, click onto the following link:
public://news_release_pdf/international06202016.pdfSource: International SoftRock Oil Company Limited (TSX Venture:SOF) http://www.softrockoil.com
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