Continental Focus, International Reach

Stamper Sees Increase in Sudan Reserves

Monday, April 23, 2018

Stamper Oil & Gas revealed that Chapman Petroleum Engineering completed an update on the oil and gas reserves and an economic evaluation on the Sudan development prospect.

 

The company’s reserves and economic evaluation performed on Block 25D and Block 25E has been updated with Gross Property Reserves of 182 million STB, which translates into a 22% increase.

 

The update was on the recently drilled Rawat C-10 well on Block 25D. Log analysis shows pay in three of the known reservoir zones of the Galhak Formation, as well as a new pay zone in the main Galhak Sand.

 

David Greenway, CEO of Stamper, commented “With the probability that the quantities recovered will equal or exceed the estimated proved reserves on the Sudan oil project, management is confident it will execute its business strategy and with the price of Brent oil recently hitting $ 72.58 will convert into significant upside with 182 million barrels. The Stamper team were previous operators with proven record of sustainably delivering complex international projects along with considerable experience in Sudan over the last 25 years. I have never been more excited as I am now to be looking for the next elephant oil discovery along with the good people of Sudapet.”

 

As previously announced, State Oil Corp. may farm-in up to a 50% interest pursuant to the MoU with the Sudan operator on Block 25. State Oil Corp. has an office along with technical personnel in Sudan and upon approval of TSX.V, will become a 100% wholly owned operating subsidiary of Stamper.

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 on production in early 2019. Stamper intends to drill six new infill wells on identified locations along the trend in late 2018 and 2019. As of the new updated Reserve Data, a total of 33 new additional locations will be drilled between 2020 and 2022 in the Rawat and Wateesh areas.


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