LNG Energy Announces Bulgarian Well Reaches TD With Gas Shows

LNG Energy Announces Bulgarian Well Reaches TD With Gas Shows and
Initial Polish Stargoard Well Data 
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/09/12 -- LNG Energy
Ltd. ("LNG") (TSX VENTURE:LNG) is pleased to announce that the
Peshtene R-11 well in Bulgaria has been successfully drilled to its
total depth of 3,190 meters under the farm-in agreement with
TransAtlantic Worldwide Ltd., a wholly owned subsidiary of
TransAtlantic Petroleum Ltd. (TSX:TNP)(NYSE Amex:TAT)
("TransAtlantic"). 
The Peshtene R-11 well ("Peshtene"), located on the A-Lovech
exploration license, targeted the Middle Jurassic age Etropole
formation. Peshtene was successfully drilled in a total of 56 days to
a depth of 3,190 meters, including 354 meters of Etropole argillite.
Numerous gas shows were recorded in the argillite, consisting of
methane, ethane and propane (C1, C2, and C3). Over 289 metres of the
Jurassic age Etropole and Ozirovo whole core has been taken from the
well. The Ozirovo formation produces nearby in the Chiren Gas Field
and in TransAtlantic's Deventci R1 discovery ell 36 kilometers to the
east. 
Petrophysical analysis of the Etropole formation indicates net pay of
114 meters, with an average porosity of 6% and water saturation of
48%. Comprehensive core analysis by Core Laboratories is expected to
be completed in the first quarter of 2012. The core data from the
Etropole argillite and Ozirovo carbonate will be evaluated for
reservoir rock properties, geochemical analysis, and rock mechanics.
The results of the core and well log analysis will help to design and
plan the future completion procedure for the well. Peshtene is
scheduled to be completed and tested in Q2, 2012. Based on the data
recovered to date, TransAtlantic's subsidiary, Direct Petroleum
Bulgaria EOOD ("Direct Bulgaria"), has applied to the government of
Bulgaria for a Production Concession (the "Stefanetz Concession").
The Stefanetz Concession is expected to cover an area up to 1,600
square kilometers (395,000 acres) for a term of up to 35 years. 
"We are excited with the very positive gas shows and data obtained in
the Peshtene," commented Dave Afseth, President and CEO of LNG. "We
look forward to reviewing the results of the core analyses that will
enable us to design and implement an appropriate stimulation to flow
test both the Peshtene and Starogard wells." 
POLAND UPDATE 
LNG is also pleased to announce that it has received additional data
from the Starogard S-1 well drilled on the Starogard concession in
Poland in which LNG has an indirect 20% interest through its
ownership of Saponis Investments Sp z.o.o ("Saponis"): 


 
----------------------------------------------------------------------------
Starogard S-1 well              Ordovician Shale        Lower Silurian Shale
----------------------------------------------------------------------------
Gross Thickness                        23 meters                  149 meters
----------------------------------------------------------------------------
Porosity                    1.4 to 6.9% avg 4.1%       1.7 to 5.8%, avg 4.3%
----------------------------------------------------------------------------
Gas filled Porosity       0.4 to 1.8 %, avg 0.9%       0.4 to 1.9%, avg 1.0%
----------------------------------------------------------------------------
Desorption                            17 SCF/ton                  38 SCF/ton
----------------------------------------------------------------------------
TOC by % weight                 0.1% to 3.3% TOC            0.1% to 1.5% TOC
----------------------------------------------------------------------------
Percent Silica                               32%                         30%
----------------------------------------------------------------------------
Percent Carbonate                            18%                          8%
----------------------------------------------------------------------------
Percent Clay                                 43%                         50%
----------------------------------------------------------------------------

 
The previously announced 2D seismic program is progressing with
approximately 50% of the data already acquired. The program consists
of about 407 km on the Saponis concession. The objective of the
seismic program is to further define basin structure and burial
history as well as to aid in the selection of individual well
locations. 
As previously announced the re-stimulation and testing of the Lebork
S-1 well is anticipated to take place in the spring 2012 once the
weather warms up. 
LNG is a Canadian exploration and development company focused on
developing oil and gas reserves in Papua New Guinea, Poland and
Bulgaria. LNG holds a 100% interest in approximately 5.5 million
acres of prospective oil and gas properties in Papua New Guinea. LNG
is operator and has a 50% net interest in approximately 360,000 gross
acres of prospective shales in Poland together with San Leon Energy.
LNG also has a 20% net interest in approximately 734,000 gross acres
of prospective shales in Poland together with BNK Petroleum Inc.,
Sorgenia E&P S.p.A., and Rohol-Aufsuchungs Aktiengesellschaft. LNG
has also entered into a farm in agreement relating to 405,080 acres
of prospective shale formation in Bulgaria with Direct Petroleum
Bulgaria EOOD, a subsidiary of TransAtlantic Petroleum Ltd. LNG
shares trade on the TSX Venture Exchange under the symbol "LNG". 
LNG ENERGY LTD. 
Dave Afseth, President & CEO 
Cautionary Note Regarding Forward-Looking Statements 
Certain statements contained in this news release constitute
"forward-looking information" as such term is used in applicable
Canadian securities laws, including information LNG's current plans
and expectations regarding the Peshtene and Starogard wells,
including expected timing of results of core and log analyses, the
hypotheses regarding the geology of the basin in which drilling is
currently underway, expected timing of commencement of the planned
completion programs. Forward-looking information is based on plans
and estimates of management at the date the information is provided
and certain factors and assumptions of management. Forward-looking
information is subject to a variety of risks and uncertainties and
other factors that could cause plans, estimates and actual results to
vary materially from those projected in such forward-looking
information. Factors that could cause the forward-looking information
in this news release to change or to be inaccurate include, but are
not limited to, the risks related to unsatisfactory results of due
diligence, international operations and doing business in foreign
jurisdictions, risks associated with the oil and gas industry and
exploratory and development activities generally (e.g., operational
risks in development, exploration and production, delays or changes
in plans with respect to exploration or development projects or
capital expenditures, risks associated with equipment procurement and
equipment failure), the risk of commodity price and foreign exchange
rate fluctuations, risks related to future royalty rate changes, and
risks and uncertainties associated with securing and maintaining
necessary regulatory approvals, and counterparty risk related to the
stability and viability of the Company's joint venture participants. 
Shares Outstanding: 338,719,365 
Neither 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. 
Contacts:
LNG Energy Ltd.
Investor Relations
1-778-373-0103
info@lngenergyltd.com
www.lngenergyltd.com
 
 
Press spacebar to pause and continue. Press esc to stop.