Toronto – January 24, 2017 – Claren Energy Corp. (“Claren” or the “Company”) (TSX-V: CEN) is pleased to provide a further wellsite operations update. In order to prepare the Bobocu 310 side-track (“B310-ST1”) for well-testing operations, B310-ST1 has been cased, cemented, and all surface facilities installed at the well-head in preparation for testing.
The MR-8000 drilling rig has been released. A more agile service rig has been mobilized to the site, to facilitate both the logging and additional testing of the well.
The Company plans to not only complete drill stem tests (“DST’s”) on the Lobe G and Corcova sandstone reservoirs, but also test the additional gas sands above Lobe G (Lobes K, J and H) more cost effectively. For risk mitigation purposes Claren will perform cased-holed versus open-hole wireline logging. Cased-hole wireline logging will also provide further insight into selecting the prospective reservoir units to be tested. Well testing operations will commence shortly after the cased-hole logging program has been completed.
“We are pleased that this well has validated our geological model within the Bobocu Gas Field. The incoming service rig is planned to evaluate all selected reservoir units, and will do so in a more cost effective manner. We look forward to completing our testing program and subsequent disclosure of results”, stated Henry Aldorf, Claren’s Chairman and CEO.
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
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. Although the present drill program has encountered the presence of gas, it does not necessary indicate that Claren will be successful in drilling the Corcova Reservoir. 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 this release.