Rodinia Oil Corp. completes drilling of its second well ("Kutjara-1")
11 Dezember 2011 - 8:53PM
PR Newswire (Canada)
CALGARY, Dec. 12, 2011 /CNW/ - - Rodinia Oil Corp. ("Rodinia")
today announced that its second exploration well, "Kutjara-1", in
the Officer Basin, South Australia reached a total measured depth
of 2,453.7 metres at the top of the interpreted Mesoproterozoic
section. Like Mulyawara-1, there were excellent thick reservoirs
intersected throughout the Neoproterozoic section. The sub-salt
Pindyin Sandstone objective had better reservoir characteristics
and was twice as thick in Kutjara-1. Although there were
encouraging shows in the well, the wireline log data acquired after
completion of drilling did not indicate any commercial
accumulations of hydrocarbons. As a result, Rodinia has now plugged
and abandoned the well. Rig #16 of Ensign International Energy
Services ("Ensign") has been released and is being demobilized from
the Officer Basin. Management is in discussions with Ensign to use
a smaller rig in future wells in order to improve on rig
mobilization and daily drilling costs. Due to a modified well
design, drilling efficiencies were far superior at Kutjara-1 and
that drilling time decreased by approximately two thirds as
compared to the Mulyawara-1 well. The significant drilling
improvements were accomplished using PDC bits and removing several
casing strings from the drilling plan. Operational Update Since
mid-November 2011, Rodinia has served default notices on its
Officer Basin joint venture partner for failure to pay its share of
costs (currently in excess of $2.2 million) associated with their
ongoing joint operations. This joint venture partner has responded
by serving dispute notices on Rodinia pursuant to the operating
agreement and their related joint operations. Additional amounts
have and will be invoiced to this party, which are not yet in
default. As a result, Rodinia's total financial exposure could
reach $4.0 million. The parties are about to commence a dispute
resolution process and depending on the outcome thereof, Rodinia
expects to have working capital of approximately $5.0 - 9.0 million
at year-end 2011. Rodinia's ability to finance its future
operations is dependent upon its ability to obtain new sources of
financing and the existence of economically recoverable
hydrocarbons. Rodinia will be conducting a comprehensive review of
operations for 2012, including: -- Evaluation of infrastructure
needs for all of its future drilling locations -- Ongoing seismic
interpretation and mapping based on the completed seismic program
and the well information acquired in 2011 -- Review and evaluation
of all capital management opportunities With an 85% average working
interest on an expansive land base of 23 million acres (gross),
Rodinia has a number of funding options available to it. To
preserve capital and minimize dilution to shareholders, third party
joint ventures and farmin opportunities are currently being
evaluated, with interest being expressed by several oil and gas
companies. While the results from Kutjara-1 are disappointing,
Rodinia's recent drilling has established the existence of
excellent reservoir quality formations and the presence of
hydrocarbon shows and a working hydrocarbon system in the
Neoproterozoic aged rocks of the Officer Basin. 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: Rodinia 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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