Toronto – December 12, 2016 – Claren Energy Corp. (“Claren”) (TSX-V: CEN) is pleased to announce that drilling operations have commenced on the Bobocu 310 side-track well (“B310-ST1”). B310-ST1 is being drilled within the onshore Bobocu gas field, comprised of 25km2 (6,200 acres), situated in the foreland basin of the Carpathians approximately 150 km NE of Bucharest. The field was discovered by Romgaz, which is the largest natural gas producer and main supplier of gas in Romania.
Historical production at Bobocu was a cumulative 33 Bcf from 12 wells, comprised of natural gas that is 99.4% methane. Geologically the field is comprised of Miocene and Pliocene sands with good porosity and permeability. In conjunction with the current drilling operations, Claren plans to apply modern, internationally adopted completion techniques not previously utilized at Bobocu.
B310-ST1 is targeting the Corcova reservoir. The well is planned to reach a total vertical depth (“TVD”) of 2,828 meters consisting of a sidetrack operation exiting an original wellbore. The drilling operation is expected to take approximately 20 days to complete, and is targeting three Upper Miocene sandstone reservoirs located between 2,526 meters to 2,712 meters TVD. B310-ST1 will step out horizontally 600 meters from the existing Bobocu 310 well in order to penetrate the three targets in the given interval.
“We are very excited that the spudding of the Bobocu-310 side-track well has commenced,” stated Henry Aldorf, Claren’s Chairman and CEO. “We are fortunate to have a very talented and experienced operating team together with our partner Zeta Petroleum, and contractors who have extensive experience in Romania. It is a credit to our team to be able to execute a farmin agreement, and subsequently spud a well within a 90 day window. Our objective is to prove the model at Corcova, and then replicate it throughout the Bobocu field.”
About Claren Energy Corp.
Claren Energy Corp. is an oil and gas company that has the right to acquire up to an eighty percent (80%) participating interest in the Bobocu License, onshore Romania. Claren also has a 51.49% working interest in two onshore petroleum exploration licenses (“PELs”), being PEL 112 and PEL 444, including a 1.47% gross overriding royalty interest on the PELs, located on the western flank of the Cooper Eromanga Basin in the State of South Australia, Australia. Its common shares trade on the TSX Venture Exchange under the symbol “CEN”.
For more information please contact:
Claren Energy Corp.
T: +1 647 775 8552
T: +1 604 200 1039
This news release contains forward-looking information relating to Claren’s intentions to conduct the drilling programs and other statements that are not historical facts. Such forward-looking information is subject to important risks and uncertainties that could cause actual results to differ materially from what is currently expected, for example: risks related to oil and gas exploration, development, exploitation, production, marketing and transportation, loss of markets, volatility of commodity prices, currency fluctuations, competition from other producers, inability to retain drilling rigs and other services, reliance on key personnel, and insurance risks. Findings by other oil and gas issuers does not necessarily indicate that Claren will be successful in making such findings in Australia and Romania. In making such forward- looking statements, Claren has relied upon certain assumptions relating to geological settings, commodity prices, the stability of markets and currencies and the availability of capital to Claren in order to continue with the seismic and drilling programs. You should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While Claren may elect to, Claren is under no obligation and does not undertake to update this information at any particular time, except as required by applicable securities law. 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