Global Oil and Gas is off to sea. Destination: Sasanof-1

Drilling of the high-impact Sasanof-1 gas and condensate well is imminent with Global Oil and Gas noting that the drill rig has started mobilisation activities.

Secondary anchors securing the Valaris MS-1 rig at Dampier outer harbour have been weighed, and the rig is secured to the GO Spica support vessel bridle for the tow to the well location.

All required equipment has been loaded onto the rig and transit time is expected to be about four days.

Global Oil and Gas (ASX:GLV) added that preliminary preparations for the drilling are well underway.

These include preparing the mud mat, low pressure wellhead housing and conductors for deployment, preparing to set the casing stands, and the installation and testing of third party services equipment.

Drilling operations are expected to start during the week beginning 23 May, 2022.

World-class gas potential

While the proof will be in the pudding, the 400km2 Sasanof target has a lot going for it prior to the most important component of hydrocarbon exploration.

The target is a large, seismic amplitude supported, structural-stratigraphic trap in the high-quality reservoir sands at the top of the Cretaceous Lower Barrow Group formation on the Barrow Delta within the Exmouth Plateau.

It is also operator Western Gas’ first well to be drilled on its extensive exploration portfolio surrounding its existing Equus gas field that has a discovered resource of 2 trillion cubic feet (Tcf) of gas and 42 million barrels (MMbbl) of condensate along with a mind boggling 88% exploration drilling success rate.

If successful, Sasonof-1 has the potential to completely transform Global and its partners given the best estimate (2U) prospective resource of 7.2Tcf of gas and 176MMbbl of condensate.

This article was developed in collaboration with Global Oil and Gas, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.