Rift Oil provides drilling update

Rift Oil informs its shareholders that drilling of its Puk Puk–1 exploration well in Papua New Guinea, had reached the upper reservoir objective, the ‘Alene Sand’, and recorded gas at a depth of approximately 1760 metres.

The company claims that the drilling has encountered the main reservoir target of the ‘Toro Sand’ at 1816 metres, approximately 50 metres below the ‘Alene Sand’. A good gas show (C1 to C4) was recorded on penetrating the ‘Toro Sand’ and 12 metres of core has been cut. A second core is currently being run.

After establishing the thickness of the Toro reservoir, the company plans to continue drilling process to assess the ‘Imburu Sand’, before reaching the Total Depth (of between 1900 and 2000 metres) and running wireline logs.

The company hopes to complete the flow testing at Puk Puk-1 by the end of this month. Flow testing at Douglas-1 will follow and will be completed and assessed by the end of August.