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Agri Energy's Sudan oil play has prospective resource of 1.5B barrels

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Agri Energy's (ASX:AAE), Block 14 acreage in the Sudan has 1.5 billion barrels of gross unrisked prospective resource according to a report by consultant Senergy (GB) Limited.

Intriguingly, and a portent of the potential, a well drilled in Block 12A, Sudan, immediately to the south of Block 14, by Al Qahtani led joint venture, intersected oil shows.

The Block 14 study identified the gross resource range of each trap to be from 20 million barrels (low or P90) to 200 million barrels (high or P10) each, with the best estimate being 50 million barrels.

The report concluded there is potential in Block 14 for a portfolio of prospects that could have a gross unrisked total prospective resource of 1.5 billion barrels.

This prospective resource is based on 30 potential traps containing a best estimate of 50 million barrels each.

Net unrisked prospective resource to Agri is 560 million barrels.

In the El Mesaha Block in Egypt, immediately to the north of Block 14, Petroceltic International plc and its partners are currently drilling an exploration well.

Greg Channon, managing director of Agri Energy said "the identification of a prospective resource of 1.5 billion barrels is an excellent outcome for Block 14. At this early stage of exploration, prior to our more extensive technical work beginning, this result validates our understanding of the block. We look forward to maturing the leads and de-risking the plays with our upcoming work."

The company will change its name to Sirocco Energy Limited.

The company's technical program will be led in Khartoum by the newly appointed Block 14 Joint Operating Company President, Dr Michael Earle.


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