The Fatala-1 well will be drilled in approximately 2,900 meters of water to test a large turbidite fan prospect in the Transform Margin play with prospective P50 recoverable resources of 647 million barrels of oil based on a 2016 Netherland Sewell resource report.
"We expect to complete final provisioning preparations today to be ready for the actual spudding of the well no later than Friday," said
"Drilling is expected to take approximately 40 days to reach a total depth of 2,500 meters below the mud line. The next six weeks or so are going to be an extremely busy and exciting time for
Forward Looking Statements
This News Release contains "forward-looking statements" within the meaning of Section 27 A of the Securities Act of 1933, as amended, and Section 21 E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include statements concerning plans, objectives, goals, strategies, expectations, future events or performance and underlying assumptions and other statements which are other than statements of historical facts. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may," "will," "expect," "plan," "project," "anticipate," "estimate," "believe," or " think." Forward-looking statements involve risks and uncertainties which could cause actual results or outcomes to differ materially from those expressed in the forward-looking statements. We assume no duty to update or revise our forward-looking statements based on changes in plans or expectations or otherwise.
Prospective resources are those quantities of petroleum which are estimated, as of a given date, to be potentially recoverable from undiscovered accumulations by application of future development projects. The prospective resources included in the Netherland Sewell report indicate exploration opportunities and development potential in the event a petroleum discovery is made and should not be construed as reserves or contingent resources.
President and Chief Executive Officer
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