Rodinia Oil Corp. commences drilling its second exploratory well, "Kutjara-1", in the Officer Basin, South Australia
03 Novembre 2011 - 4:01AM
PR Newswire (Canada)
CALGARY, Nov. 3, 2011 /CNW/ - Rodinia Oil Corp. ("Rodinia") is
pleased to announce that it has spudded its second exploratory
well, "Kutjara-1", in the Officer Basin, South Australia.
Highlights -- The Kutjara-1 well commenced drilling on November 2,
2011 with the objective of appraising the Kutjara structure -- The
well is targeting multiple prospective Neoproterozoic reservoirs --
The well's target depth is 2,668 metres and it is expected to take
approximately eight weeks to drill to total depth ("TD") --
Kutjara-1 is the second well in Rodinia's Officer Basin exploration
program Kutjara-1 Well Kutjara-1 is located in the west central
portion of PEL 253 approximately 45 kilometres southeast of
Rodinia's first well, Mulyawara-1. Rodinia has an 80% working
interest in PEL 253 and is the operator. The Kutjara structure has
been well defined by recently acquired infill 2D seismic. The
structure is large (approximately 12 km by 3 km), defined by six
seismic lines and has multiple potential reservoirs. It is also
offset by several other large closed structures that could be
followed up on if this well is successful. Based on lessons learned
and information gathered by Rodinia at Mulyawara-1, Kutjara-1 will
be drilled using the following modified drilling techniques in
order to improve drilling efficiencies and lower costs: -- Drilling
a smaller diameter hole throughout -- Dropping several casing
strings from the original well design -- Eliminating the air
pack/hammer drill assembly, which will reduce damage to the bottom
hole assembly and related twist offs, fishing runs and tripping
time -- Achieving higher average rates of penetration by using PDC
bits rather than tricone bits 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 substantially added to
Rodinia's knowledge of the geologic and hydrocarbon potential of
the Officer Basin. Rodinia will continue to expand its
understanding of the extent and reservoir potential of the
Neoproterozoic formations with Kutjara-1. However, Kutjara-1 is a
high-risk exploration well, which is yet to be proven. Paul
Bennett, Chief Executive Officer and President, commented: "We are
excited to spud Kutjara-1, the second well in our current Officer
Basin exploration program. Our immediate objective with this well
is to appraise several potential reservoirs in this structure, one
of several large prospective structures that we have identified on
our lands." Financial Update Rodinia's current net working capital
is approximately $16.4 million. The budgeted cost of Kutjara-1 is
approximately $7 million (Australian dollars). Rodinia is currently
exploring options for additional partner participation and the
potential to bring in a smaller rig to drill future wells. As
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. 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. 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. 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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