Mr. David Greenway reports
CHAPMAN PETROLEUM ENGINEERING COMPLETES NI 51-101 REPORT WITH EVALUATED RESERVES OF 149 MILLION BARRELS FOR STAMPER'S SUDAN PROJECT
Chapman Petroleum Engineering Ltd., independent petroleum consultants of Calgary, Alta., has completed and compiled the National Instrument 51-101 oil and gas reserves and economics evaluation for Stamper Oil & Gas Corp. on the Sudan development prospect.
Chapman has reported gross property reserves of 149 million stock tank barrels.
David Greenway, chief executive officer of Stamper, commented, "Management team continues to execute its growth strategy with respect to high-value Sudan oil project and we are excited with the price of Brent oil hitting $69.17 today, which translates into significant upside with 149 million barrels."
In the development prospect, the company will have a 35-per-cent working interest. The CAPEX (capital expenditure) obligation under the exploration and production sharing agreement has already been fulfilled by the operating company, Rawat Petroleum Operation Co. Under the terms of the farm-in agreement, State is required to pay $40,144,300 (U.S.) to Sudapet for work previously completed on the development block and there will be a second payment of $26.25-million (U.S.) after joining the ESPA. The ESPA for the development block is for a 20-year term with a five-year extension.
Going forward, Stamper intends to pursue an aggressive approach in the short term. Plans are to equip and tie in the six completed and tested wells to production facilities. In addition, the four already-drilled wells awaiting completion are expected to be in production in early 2019. Stamper intends to drill six new infill wells on identified locations along the trend in late 2018 and 2019. A total of 24 new additional locations will be drilled between 2020 and 2022 in the Rawat and Wateesh areas.
Block 25 prospect is located in the White Nile state in the southeastern portion of the Republic of Sudan, adjacent to the border with the Republic of South Sudan. The land is arid and relatively flat. The area is sparsely populated and is located west of the White Nile. There are limited road systems and agriculture in the area. The nearest major communities are Kosti and Rabak, about 150 kilometres north of the project area where there is a railway station, airport and a major sugar refinery. The government of Sudan is anxious to develop its oil resources and the company has the full support and assistance of the government.
Operating costs have been estimated to be $10,000 per well per month plus $8 stock tank barrels operation costs. It is estimated that transportation costs to a sales point will be $5 per STB.
About Stamper Oil & Gas Corp.
Stamper Oil & Gas is a publicly traded junior development-stage international oil and gas company. The company is engaged in the acquisition, exploration and evaluation of conventional and unconventional oil and natural gas properties with the current focus on Africa and Latin America. The company's strategy is centred on generating sustainable long-term shareholder value by exploring and developing cost-effective growth of light oil reserves.
The scientific and technical information contained in this news release has been reviewed and approved by Qamar M. Malik, MSc, PhD, petroleum engineering, who is a qualified person as such term is defined under National Instrument 51-101 and Canadian Oil and Gas Evaluation (COGE) handbook.
The National Instrument 51-101 report is subject to a number of conditions, including but not limited to, its regulations services provider and TSX Venture Exchange acceptance.
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