Chapman Updates NI 51-101 Report with 22% Increase in Evaluated Reserves to 182 Million Barrels for Sudan Project
VANCOUVER, British Columbia, April 16, 2018 (GLOBE NEWSWIRE) -- Stamper Oil & Gas Corp. (TSX-V:STMP) (FSE:TMP2) (OTCQB:STMGF) ("Stamper" or "the Company"), is pleased to announce Chapman Petroleum Engineering Ltd., independent petroleum consultants of Calgary, Alberta, has completed an update on the Oil & Gas reserves and economics evaluation ("Chapman Reserves Evaluation Report") that was previously announced on January 23, 2018, on the Sudan development prospect under National Instrument 51-101 ("NI 51-101").
The Company has filed on SEDAR the updated Chapman Reserves Evaluation Report dated April 12th, 2018, in compliance with National Instrument 51-101 ("NI 51-101").
The Company's reserves and economics evaluation performed on Block 25D and Block 25E of the Sudan prospect as set forth (the "Reserves Data") in the Chapman Report. Chapman has been updated with Gross Property Reserves of 182 million stock tank barrels ("MSTB"), which translate into a 22% increase.
The update was undertaken as a result of new positive test information from the recently drilled Rawat C-10 well on Block 25D. Log analysis shows pay in three of the known reservoir zones of the Galhak Formation, as well as a new pay zone in the main Galhak Sand.
David Greenway, Chief Executive Officer of Stamper, commented: "With the probability that the quantities recovered will equal or exceed the estimated proved reserves on the Sudan oil project, management is confident it will execute its business strategy and with the price of Brent oil recently hitting $ 72.58 will convert into significant upside with 182 million barrels. The Stamper team were previous operators with proven record of sustainably delivering complex international projects along with considerable experience in Sudan over the last 25 years. I have never been more excited as I am now to be looking for the next elephant oil discovery along with the good people of Sudapet."
As previously announced, State Oil Corporation ("State") may farm-in up to a 50% interest pursuant to the Memorandum of Understanding ("MOU") with the Sudan operator on Block 25. State has an office and technical personnel in Sudan and upon approval of TSX.V, State will become a 100% wholly owned operating subsidiary of Stamper.
Plans are to equip and tie in the six completed and tested wells to production facilities. In addition, the four already drilled wells waiting completion are expected to be on production early 2019. Stamper intends to drill six new infill wells on identified locations along the trend in late 2018 and 2019. As of the new updated Reserve Data, a total of 33 new additional locations will be drilled between 2020 and 2022 in the Rawat and Wateesh areas.
Block 25 prospect is located in the White Nile State in the south eastern portion of the Republic of Sudan, adjacent the border with Republic of South Sudan. The land is arid and relatively flat. The area is sparsely populated and is located west of the White Nile. There is limited road system and agriculture in the area. The nearest major communities are Kosti and Rabak about 150 km north of the project area where there is a railway station, airport and a major sugar refinery. The Government of Sudan is anxious to develop its oil resources and the Company has the full support and assistance of the government.
Operating costs have been estimated to be $10,000 per well per month plus $8.00 stock tank barrels ("STB") for variable operating costs. It is estimated that transportation costs to a sales point will be $5.00/STB. These cost estimates are based on the experience and judgement of Chapman and discussion with the Company.
About Chapman Petroleum Engineering
Chapman Petroleum Engineering Ltd. founded in 1985, is a Canadian consulting firm providing comprehensive petroleum engineering, geological and geophysical and management services covering the full spectrum of the oil & gas industry, domestically and internationally. Chapman services include reserve and economic evaluations and resource assessments, acquisition analyses, specialized technical studies, property exploitation and resource management, and representation for regulatory and legal purposes.
The key professionals at Chapman each have from 25 to 45 years of broadly diversified experience in the oil & gas industry, domestically and internationally. Chapman are Qualified Reserve Evaluators and Auditors under Canadian Securities Regulation NI 51-101.
About Stamper Oil and Gas
Stamper Oil and Gas Corp. (TSX-V:STMP) is an independent international oil and gas company, engaged in the acquisition, exploration and development of conventional oil and natural gas properties. The Company plans to identify and build out a portfolio of high-impact oil and gas prospects, with a focus on Latin America. Stamper is committed to creating sustainable shareholder value by evaluating and developing future prospects into commercially viable assets.
For further information on Stamper Oil and Gas please visit www.stamperoilandgas.com
The scientific and technical information contained in this news release has been reviewed and approved by Qamar M. Malik, MSc., Ph.D., Petroleum Engineering, who is the independent qualified resources evaluator as such term is defined under National Instrument 51-101 ("NI 51-101") and Canadian Oil and Gas Evaluation ("COGE") Handbook.
The National Instrument 51-101 ("NI 51-101") report is subject to a number of conditions, including but not limited to, its Regulations Services Provider and TSX Venture Exchange acceptance.
ON BEHALF OF THE BOARD OF DIRECTORS
"David C. Greenway"
President & Director
For further information, please contact:
Stamper Investor Relations
Phone: (604) 684-2401
Neither 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.
This news release contains certain statements that may be deemed "forward-looking" statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although Stamper Oil & Gas Corp. believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of Stamper Oil & Gas Corp. management on the date the statements are made. Except as required by law, Stamper Oil & Gas Corp undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
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