Rodinia Oil Corp. Announces Completion of Drilling of its "Mulyawara-1" Well, Officer Basin, South Australia and Updates Corp...
14 10월 2011 - 10:00AM
PR Newswire (Canada)
CALGARY, Oct. 13, 2011 /CNW/ - - Rodinia Oil Corp. ("Rodinia")
announces that its 80% owned Mulyawara-1 exploration well reached a
total measured depth ("TD") of 2691.3 metres and was officially
plugged and abandoned on October 13, 2011. The TD was at the top of
the interpreted Mesoproterozoic section. Mulyawara-1 was drilled as
a wildcat exploration well far from geologic control. The nearest
existing wells with the prospective deep Pindyin sands are
approximately 500 km to the west and 300 km to the east. After
evaluating the log information and the drilling samples, the
decision to plug and abandon the well was made. A definitive
petrophysical interpretation of the deeper zones was not possible
due to the extremely poor quality of the wireline logs caused by
the severe degree of washout in the wellbore. During drilling, gas
shows with up to C5 (pentane) content were recorded over sands in
the Mundallio and Emeroo sections and totaled approximately 150
gross metres. Log evaluation indicates that the developed sandstone
reservoirs had porosity less than 10%. These results are to be
added to those discussed in Rodinia's August 4, 2011 press release,
which reported hydrocarbon shows in the uphole Murnaroo sandstone.
The sub-salt section had poorer than expected Pindyin sandstone
development and contained no shows. The shows in the Neoproterozoic
Murnaroo, Mundallio and Emeroo sandstones are encouraging as they
demonstrate an active mature petroleum system capable of generating
hydrocarbon. Given the number of delays due to mechanical and
operational issues at Mulyawara-1, the well has taken approximately
three times longer than anticipated to drill resulting in
approximately 75% cost overruns. Rodinia has undertaken a
comprehensive review of its operations to determine how to achieve
better performance for the remainder of its 2011 capital program.
Much of this review incorporates the planning and design for future
wells and working with suppliers to improve the equipment and
services available to Rodinia in the Officer Basin. 2011 Capital
Program Update The primary objective of Rodinia's current capital
program is to appraise the potential of the large structures
currently identified on its lands in the Officer Basin, South
Australia. The Mulyawara-1 well has substantially added to
Rodinia's knowledge of the geologic and hydrocarbon potential of
the Officer Basin. Rodinia will continue mapping the Murnaroo,
Mundallio, Emeroo and Pindyin sandstones to better determine the
extent and reservoir potential of these formations at its next
well, "Kutjara-1", which will be drilled using modified drilling
techniques in an effort to improve drilling efficiencies and lower
costs. The Kutjara-1 well location has a number of advantages,
namely: -- Recently acquired infill seismic has better defined the
structure -- It is accessible from existing infrastructure -- The
distance from Mulyawara-1 to Kutjara-1 reduces rig travel time --
Fault patterns isolate the migration pathway and potential source
of Kutjara-1 from Mulyawara-1 -- Recent hydrocarbon shows in the
Mulyawara-1 well have demonstrated active petroleum systems in the
Munaroo, Mundallio and Emeroo sections -- Mulyawara-1 has
demonstrated that most of the Kutjara-1 well can be drilled using
PDC bits, which offer drilling efficiency and should substantially
lower the overall evaluation costs Ensign Rig #16 will shortly
travel approximately 45 km south to this second location,
Kutjara-1, to commence drilling. Rodinia is in the early
exploration stage and is operating in the remote and under-explored
Officer Basin in Australia. Its ability to finance its future
operations is dependent upon the existence of economically
recoverable hydrocarbons and its ability to obtain new sources of
financing. The second location, Kutjara-1, is a wildcat exploration
well and is still a high-risk venture which is yet to be proven.
Shareholder Rights Plan Adopted A Shareholder Rights Plan (the
"Rights Plan") has been adopted by the Board of Directors to ensure
the fair treatment of shareholders in connection with any take-over
offer for Rodinia, and to provide the Board of Directors and
shareholders with additional time to fully consider any unsolicited
take-over bid. The Rights Plan is subject to approval by Rodinia's
shareholders at Rodinia's upcoming annual general and special
shareholders' meeting, scheduled for Thursday, November 10, 2011 at
3:30 pm (Calgary time). If ratified by the shareholders, the Rights
Plan will have a term of three years. The Rights Plan has
been approved by the TSX Venture Exchange. Rodinia has not adopted
the Rights Plan in response to any specific proposal to acquire
control of Rodinia. The Rights Plan is similar to plans adopted by
other Canadian companies and approved by their shareholders. The
Rights Plan is not intended to prevent take-over bids. Under
the Rights Plan, any such bid that meets certain requirements
intended to protect the interests of all shareholders will be
deemed to be a "Permitted Bid". Permitted Bids must be made by way
of a take-over bid circular prepared in compliance with applicable
securities laws and remain open for sixty days. Under the Rights
Plan, Rights have been issued and attached to all Class A common
shares of Rodinia issued and outstanding as of the close of
business on October 13, 2011. Rights will be issued upon any future
issuance of any Class A common shares of Rodinia that occurs prior
to the Separation Time (as defined in the Rights Plan). In the
event a take-over bid does not meet the Permitted Bid requirements
of the Rights Plan and the conversion of the Rights is triggered
pursuant to the provisions of the Rights Plan, the Rights will
entitle shareholders, other than any shareholder or shareholders
making the take-over bid, to purchase additional common shares in
Rodinia at a substantial discount to the market value at the time.
Corporate Matters Rodinia announces that Peter Philipchuk has
resigned as a director of Rodinia for personal reasons and that
Matthew Philipchuk, Executive Vice-President, has resigned in order
to pursue other business opportunities in Australia, both effective
immediately. Both Peter and Matthew have been central to the
founding and building of Rodinia, from its inception to the present
time. Paul Bennett, President and CEO of Rodinia, in expressing his
thanks on behalf of the Board stated: "The insight and vision of
both Peter and Matthew have been instrumental in building Rodinia
and in accumulating its very substantial land position in the
Officer Basin of Australia. The Board thanks both of them
for their past service and wishes them well in their future
endeavors." Concurrently, Rodinia is recruiting for the position of
Chief Operating Officer, to lead its operations in Adelaide, South
Australia. For further information regarding this position please
contact Mr. Sean McBurney, Senior Client Partner at Korn/Ferry
International at +1 (403) 215-2548. Rodinia's Annual General and
Special Meeting of Shareholders will be held on Thursday November
10, 2011 at Rodinia's Conference Centre, Main Floor, 715 5 Ave. SW,
Calgary, Alberta, Canada beginning at 3:30 p.m. (MT). About Rodinia
Oil Corp. Rodinia is an international oil and gas exploration
corporation. The Common Shares and Warrants are listed for
trading on the TSX Venture Exchange under the symbols "ROZ" and
"ROZ.WT" respectively. Rodinia is engaged in the exploration,
acquisition and development of petroleum and natural gas assets in
Australia's Officer Basin. Founded in 2006, Rodinia has access to
large tracts of exploratory lands and is one of the first companies
to undertake exploration in the Officer Basin. Rodinia has offices
in Calgary, Alberta and Adelaide, South Australia. Forward-Looking
Statements This press release may contain forward-looking
information that involves substantial known and unknown risks and
uncertainties, most of which are beyond the control of Rodinia,
including, without limitation, statements pertaining to Rodinia's
drilling plans and operations, the operation of the Rights Plan and
the approval of the Rights Plan by Rodinia's shareholders.
All statements included herein, other than statements of historical
fact, are forward-looking information and such information involves
various risks and uncertainties. There can be no assurance
that such information will prove to be accurate, and actual results
and future events could differ materially from those anticipated in
such information. A description of assumptions used to
develop such forward-looking information and a description of risk
factors that may cause actual results to differ materially from
forward-looking information can be found in Rodinia's disclosure
documents on the SEDAR website at www.sedar.com. Any
forward-looking statements are made as of the date of this release
and, other than as required by applicable securities laws, Rodinia
does not assume any obligation to update or revise them to reflect
new events or circumstances. 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. SOURCE Rodinia Oil Corp.
Image with caption: "Rodinia's Extensive Land Base in the Officer
Basin, South Australia. (CNW Group/Rodinia Oil Corp.)". Image
available at:
http://photos.newswire.ca/images/download/20111013_C4053_PHOTO_EN_4577.jpg
Rodinia Oil Corp. CONTACT: Susan Showers, Manager, Investor
RelationsRodinia Oil Corp.Suite 320, 715 - 5 Ave. S.W.Calgary,
Alberta, Canada T2P 2X6Telephone: (403) 718-0366Toll Free: (877)
822-7280Fax: (403) 718-3888Email: info@rodiniaoil.comWebsite:
www.rodiniaoil.com
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