VANCOUVER, British Columbia, April 17, 2018 (GLOBE NEWSWIRE) -- Stamper Oil & Gas Corp. (TSX-V:STMP) (FSE:TMP2) (OTCQB:STMGF) (“Stamper” or “the Company”), is pleased to further provide the summary of gross reserves and parameters of well Rawat C-10 that was drilled early this year.
Rawat C-10 well is light and medium oil and was drilled to an interval of between 1387.0 – 1526 meters in the Galhak (1) (Table 1) and 1552.0 m – 1595.0 meters in Galhak Sand (Table 2). 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. The initial plan is to further test, and complete Well Rawat C-10 inclusive of developing necessary infrastructure for oil production.
Table 1
| Summary of Gross Reserves and Reservoir Parameters | |
| Probable Developed Rawat C-10 Galhak (1) | |
| Product Type: Light and Medium Oil | |
| Reservoir Parameters | |
| Reservoir Pressure, psia | 2,150 |
| Reservoir Temperature, degree F | 188 |
| Average Porosity, % | 24.0 |
| Average Water Saturation, % | 30.0 |
| Formation Volume Factor, RB/STB | 1.063 |
| Petroleum Initially-in-Place, STB/ac.ft | 1226.1 |
| Recovery Factor, % | 25 |
| Reserves | |
| Net pay, ft. | 49.0 |
| Area, acres | 160 |
| Petroleum Initially-in-Place, STB | 9,612,624 |
| Estimated Ultimate Recovery (EUR), STB | 2,403,156 |
| Cumulative Production, STB | 0 |
| Reserves, STB | 2,403,156 |
| Note: (1) Interval 1387.0 – 1526.0 meters | |
Table 2
| Summary of Gross Reserves and Reservoir Parameters | |
| Probable Developed Rawat C-10 Galhak (Sand) | |
| Product Type: Light and Medium Oil | |
| Reservoir Parameters | |
| Reservoir Pressure, psia | 2,150 |
| Reservoir Temperature, degree F | 188 |
| Average Porosity, % | 22.0 |
| Average Water Saturation, % | 31.0 |
| Formation Volume Factor, RB/STB | 1.063 |
| Petroleum Initially-in-Place, STB/ac.ft | 1107.9 |
| Recovery Factor, % | 25 |
| Reserves | |
| Net pay, ft. | 88.0 |
| Area, acres | 160 |
| Petroleum Initially-in-Place, STB | 15,599,323 |
| Estimated Ultimate Recovery (EUR), STB | 3,899,808 |
| Cumulative Production, STB | 0 |
| Reserves, STB | 3,899,808 |
| Note: (1) Interval 1552.0 – 1595.0 meters | |
As previously announced, State Oil Corporation (“State”) may farm-in up to a 50% interest pursuant to the Memorandum of Understanding (“MOU”) with the Sudan operator on Block 25. State has an office and technical personnel in Sudan and upon approval of TSX.V, State will become a 100% wholly owned operating subsidiary of Stamper.
Negotiations are in progress for eight year initial commitment period rather than to the three year period proposed by the operator resulting in a total exploration period of eleven years if the second and third optional commitment periods are exercised.
Operating Block
Block 25 prospect consists of Block 25D and Block 25E and is located in the White Nile State in the south eastern portion of the Republic of Sudan, adjacent the border with 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 is limited road system and agriculture in the area. The nearest major communities are Kosti and Rabak about 150 km 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.
About the Galhak Formation
The Galhak Formation in this area contains four reservoir zones. 1A through 4A, which overlie the main Galhak Sand. Oil is trapped in stacked high porosity sands within the reservoir zones of the Galhak Formation with individual pay zones from two to five metres in thickness. Log analysis of the recently drilled well Rawat C-10 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 as illustrated in Figure 1.
A photo accompanying this announcement is available at http://resource.globenewswire.com/Resource/Download/519cdc92-68a9-45c6-ae13-a3caf8e5a4ab
About Stamper Oil & Gas
Stamper Oil & Gas Corp. 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.
For further information on Stamper Oil & Gas please visit www.stamperoilandgas.com or under our profile on SEDAR at www.sedar.com.
Qualified Resource Evaluator
The scientific and technical information contained in this news release has been reviewed and approved by Qamar M. Malik, MSc., Ph.D., Petroleum Engineering, who is the independent qualified resources evaluator as such term is defined under National Instrument 51-101 (“NI 51-101”) and Canadian Oil and Gas Evaluation (“COGE”) Handbook.
ON BEHALF OF THE BOARD OF DIRECTORS
“David C. Greenway”
President & Director
For further information, please contact:
Stamper Investor Relations
Phone: (604) 684-2401
Email: info@stamperoilandgas.com
Neither 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.
Forward-Looking Statements
This news release contains certain statements that may be deemed "forward-looking" statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although Stamper Oil & Gas Corp. believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of Stamper Oil & Gas Corp. management on the date the statements are made. Except as required by law, Stamper Oil & Gas Corp undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.