News

December 30, 2008

Rift Oil Reports Strong Growth In Gas Reserves As FLNG Plans Take Shape

AIM-quoted Rift Oil has worked steadily through the year building up its gas reserves in Papua New Guinea. Indeed, this resulted in the declaration of a near tripling of unrisked mid-case prospective resources in its interim results for the six months ended 30 September 2008.

During the six-month period these have risen from approximately 800 billion cubic feet (bcf) to in excess of 2.2 trillion cubic feet (tcf). This will ultimately help build the business case for any projects as it edges toward commercial production from the area.

This was all made possible through a good deal of hard work in the field, including the drilling and successful testing of the Puk Puk-1 exploration well. This well discovered three pay zones with a net pay of over 45 metres...