Aliso Canyon Partners to P&A Sesnon Fee-7 Well

Solimar Energy reported that the Sesnon Fee-7 Redrill No.1 well has reached a total depth of 10,222 feet without encountering commercial hydrocarbons and a decision has been made to plug and abandon the well.

The Joint Venture Partners will evaluate the data from the Redrill Program to further their understanding of the geology of the Aliso Canyon Prospect. Solimar Energy, having successfully raised capital in early October 2008, is now focussing on progressing its current projects which consist of three oil and gas accumulations at the Maricopa (oil); Southeast Lost Hills (gas); and Silverthread (oil) Projects. These accumulations will form the basis of production growth over the coming months.

The Maricopa Project is now producing oil from two wells which is being sold to the Kern Oil & Refining Co. The Southeast Lost Hills gas field is expected to commence production, and to sell its first gas, by the end of November 2008. Additional wells are also scheduled to be drilled at the Southeast Lost Hills Project early next year. The Silverthread Project is also producing minor amounts of oil but is still under evaluation. More work is expected to be carried out at this project over the coming months. An independent evaluation is being carried out by a third party on the future work program at the Silverthread Project.

These projects are expected to form a strong production base for the company.

Partners in the Aliso Canyon Prospect (and their respective working interests) are:

  • US Utility Company (Operator): 50.0%
  • Trio Petroleum: 25.0%
  • Solimar Energy Limited (ASX Code: SGY): 12.0%
  • Sunset Energy Limited (ASX Code: SEY): 8.0%
  • Other Partners: 5.0%
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