Vanoil Provides Update on Alberta Project and 2010 Scheduled Program for Block 3A in Eastern Africa
23 Fevereiro 2010 - 11:30AM
Marketwired
Vanoil Energy Ltd. (TSX VENTURE: VEL) ("Vanoil" or "the Company")
is pleased to announce it will be proceeding with all necessary
steps to re-enter the 12-13-23-04 well in attempt to establish
commercial production of natural gas. Vanoil has a 42% working
interest in the well and associated 2,560 acres or 4 section lease
located on the Tsuu T'ina Nation lands west of Calgary, Alberta.
The 12-13 well was drilled by C1 Resources (C1) in 2005 and
encountered a significant section of gas charged Turner Valley
Zone.
Since late 2005, C1 conveyed its working interest to Vanoil and
other working interest partners and is no longer an operator of the
well. As a result, Vanoil currently holds a 42% working interest in
the well and leases and is taking an active role in the ongoing
operations in order to establish value.
Vanoil has had another independent evaluation of the probable
reserves associated in the 12-13 well and related leases conducted
as of August 2009, wherein, the estimate of original raw gas in
place accessible by the 12-13 well is 18.6 billion cubic feet
(BCF). In addition, a second undrilled location at 7-23-23-04 W5M
is estimated to have an additional 14 BCF of probable undeveloped
original raw gas in place (as previously reported in our press
release dated January 8, 2010).
Vanoil has recently completed a detailed review of the 12-13
well bore and has designed a re-entry program expected to establish
commercial natural gas production. Re-entry operations are subject
to agreement with Vanoil's partners, including the Tsuu T'ina First
Nation, and approval from the Alberta Energy Resources Conservation
Board.
Vanoil is also pleased to announce that its 2010 seismic and
gravity program in Block 3A will be undertaken in the third quarter
of 2010. Block 3A is part of the 25,000 square km, 100% PSC Vanoil
concession in Kenya that is equivalent in size to the 8 billion
Suez oil field (Egypt) or the 2 billion oil field of Lake Albert
(Uganda). The program approximately 324 line km of 2D seismic will
target a zone of highly prioritized Cretaceous structural leads
that will be matured to drillable prospects. The leads exhibit
closure, amplitude anomalies and strong energy attributes. Vanoil
will contract a highly specialized geophysical company among three
companies that forwarded their proposals to Vanoil in late 2009 to
undertake the 2010 seismic program. The preferred energy source for
seismic acquisition will be Vibroseis at 80 fold coverage. A
rigorous gravity, uphole and LVL refraction survey will
concurrently run with the seismic survey. The crew mobilization to
Block 3A is expected to commence in the month of May, 2010 and
actual field data acquisition to commence in the months of
July-August 2010. The final results after data processing and
interpretation is expected before the end of 2010. Estimated cost
of the 2010 Vanoil seismic program is approximately USD 4.8
million.
Vanoil has entered its third contractual year in Block 3A
petroleum exploration under 100% Production Sharing Contract (PSC).
The initial exploration period of four years will terminate in
October, 2011 and Vanoil plans drilling of one exploratory in Block
3A in 2011.
Block 3A property is located in the petroleum system fairway of
the vastly unexplored region in East African Rift basins. Two rift
basins (Anza & Mochesa) converge in Block 3A acreage with
different petroleum plays.
The Anza Graben portion of Block 3A constitutes the southeast
termination rift segment of the prolific Cretaceous Central Africa
Rift System (CARS) in Kenya. During the Cretaceous, block 3A area
was the site of low energy fluvial-lacustrine depositional system
resulting in accumulation of thick (locally less than 4,000m)
Cretaceous sediments. Source rocks kitchen zones are expected in
the Cretaceous formation in Block 3A and would include highly
sourcing potential lacustrine shales and clays deposited in the
deep Cretaceous lakes similar to the Muglad rift basin. Further,
mappable seismic banding in the Cretaceous formation in Block 3A
indicates the possibility of the reservoir and source/seal facies
of a working petroleum system as observed elsewhere in the CARS
specifically in Muglad and Melut basins in Southern Sudan.
The 2010 seismic program will target leads that are connected to
possible Cretaceous kitchens in Block 3A. Recovery of oil in
Sirius-1 well in Chalbi basin (sub-basin in Anza graben) located in
the northern Anza graben proved a Cretaceous working petroleum
system in the Anza Graben. In general potential hydrocarbon
trapping mechanisms in Block 3A are similar to the Muglad basin and
include tilted fault blocks closures, positive flower structures
(Albertine type), faulted anticlinal closures and stratigraphic
traps.
The leads identified in Block 3A & 3B have similarity to
producing geological structures in Muglad, Melut and Albertine
basins. (CNOOC) China National Offshore Oil Company, The Taiwanese
Oil Company and Africa oil are currently testing the generation and
entrapment of hydrocarbons in such structures in Block 09. The
Bogal-1 in Block 09 well (approximately 60-90 km from Block 3A) is
now progressing slowly at depth 4,200m (01-2-10) most likely still
testing the Cretaceous stacked closures heading for the main target
the Jurassic carbonate reef reservoir. (Figure 1)
On Behalf of the Board of
VANOIL ENERGY LTD.
Dal Brynelsen, President and CEO
Note: To view "Figure 1 A detailed map of Vanoil's Targets for
Block 3A", please click the following link:
http://media3.marketwire.com/docs/vel0223.pdf
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Statements containing forward-looking information express, as at
the date of this news release, the Company's plans, estimates,
forecasts, projections, expectations, or beliefs as to future
events or results and are believed to be reasonable based on
information currently available to the Company.
Forward-looking statements and information are based on
assumptions that financing and personnel will be available when
required and on reasonable terms, and all necessary regulatory
approvals and shareholder approval will be obtained, none of which
are assured and are subject to a number of other risks and
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There can be no assurance that forward-looking statements will
prove to be accurate. Actual results and future events could differ
materially from those anticipated in such statements. Readers
should not place undue reliance on forward-looking information.
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Provider (as that term is defined in the policies of the TSX
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accuracy of this release.
Contacts: Vanoil Energy Ltd. Dal Brynelsen President and CEO
604-684-1974 604-685-5970 (FAX) www.vanoil.ca
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