CALGARY, Nov. 19, 2013 /CNW/ - Calvalley Petroleum Inc. ("Calvalley" or the "Company") provides an update on the drilling of the Al Hedba prospect well.
Drilling operations encountered faults at various depths during the drilling of the Al Hedba prospect and the well has been plugged and suspended, without reaching the target depth, due to the significant risks to both staff and equipment of continuing drilling operations.
The target depth of the well was 1,681 meters and drilling operations were suspended at a depth of 1,274 meters. Due to the highly faulted nature of area the Company has suspended the wellbore and plans to drill the prospective structure from a new surface location.
The Company plans to utilize the drilling rig for two appraisal wells, one at Ras Nowmah and one at Ras Nowmah South.
Calvalley is an international oil and gas company, with offices in Calgary, Alberta, Canada, that operates its 50% working interest in Block 9 of the Masila Basin, in The Republic of Yemen.
This press release may contain forward-looking statements. Words such as "may", "will", "should", "could", "anticipate", "believe", "expect", "intend", "plan", "potential", "continue", and similar expressions may have been used to identify these forward-looking statements. These statements reflect management's current beliefs and are based on information currently available to management. In particular, statements in respect to the future drilling plans for appraisal wells at Ras Nowmah and Ras Nowmah South contain forward looking information. Forward-looking statements involve significant risk and uncertainties. Investors should not place undue reliance on forward-looking statements. The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this press release are made as of the date of this press release and Calvalley assumes no obligation to update or revise them to reflect new events or circumstances except as expressly required by applicable securities law.
SOURCE: Calvalley Petroleum Inc.
For further information:
[email protected] or +1 (403) 297-0490
Edmund Shimoon, Chairman and CEO
Gerry Elms, CFO