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CASSONA SE: CASSONA's oil property contains about 50.8 million barrel light oil and about 102.6 million barrel heavy oil
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0 KommentareDGAP-News: CASSONA SE / Key word(s): Drilling Result
CASSONA SE: CASSONA's oil property contains about 50.8 million barrel
light oil and about 102.6 million barrel heavy oil
25.02.2014 / 08:33
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CASSONA distributes the results of the expert's opinion: On the oil
property of CASSONA in Alberta about 50.8 million barrel light oil and
additionally 102.6 million barrel heavy oil are proven.
Frankfurt (25 February 2014) - CASSONA SE (COE) informs that according to
the expert's opinion, which has been commissioned in early January, on the
oil property a quantity of 50.8 million barrel light oil and 102.6 million
barrel heavy oil OOIP have been proven.
The expert's report states that by primary, secondary and enhanced
exploration technologies in total up to 65% of the light oil and 50% of the
heavy oil are recoverable. The proven light oil deposits are resources of a
soil layer, which in the area of Red Earth in the Province of Alberta in
Canada is called Slave Point Formation.
Since a couple of years for the efficient production of light oil locally
an efficient and approved technology is applied. The experts propose a
successive development of the entire oil property in so called pads of up
to 4 drilling wells, which are supposed to be located close to each other
to reduce the environmental impact caused by the movement of the drilling
rigs. In Q1 2014 the experts expect for locally produced light oil to
achieve sale prices of up to 95 dollar per barrel. CASSONA markets its
first production volumes for about 80 dollar per barrel minus applicable
taxes. The production of heavy oil from oil sands however requires a
different production technology. In close proximity to the production well
a steam injection well is placed to liquidate the oil deposits before
pumping them to the surface.
'For our internal evaluation this expert's opinion has an outstanding
importance', states the CEO of CASSONA Dr. Guido Quadri. 'This finally
shows the amount of assets held by CASSONA. As a next step we are planning
to develop the production of our light oil resources. The additionally
existing reserves of heavy oil we consider rather as a joker.'
CASSONA is an investment corporation for targets of the business sectors
natural resources, mining and infrastructure. CASSONA is a European
corporation with domicile in Frankfurt Main. The shares are listed at the
regulated market of GXG Markets and they are traded at the Open Market of
Frankfurt Stock Exchange FWB and at Berlin Stock Exchange (ISIN
DE000A1C6T63).
CASSONA SE
Schubertstr. 14
60325 Frankfurt Main
Germany
ir@cassona.de
www.cassona.de
This announcement contains forward-looking statements that are based on
current assumptions and forecasts of the management of CASSONA SE. Known
and unknown risks, uncertainties and other factors could lead to material
differences between the forward-looking statements given here and the
actual development, in particular the results, financial situation and
performance of our company. The company assumes no liability to update
these forward-looking statements or to conform them to future events or
developments.
(c) 2014 CASSONA SE is a European corporation in the legal form societas
europaea (SE) with headquarters in Frankfurt am Main, country of origin
Germany and first quotation at the Danish stock exchange GXG Markets A/S in
the EU regulated market segment GXG Official List.
End of Corporate News
---------------------------------------------------------------------
25.02.2014 Dissemination of a Corporate News, transmitted by DGAP - a
company of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
---------------------------------------------------------------------
Language: English
Company: CASSONA SE
Schubertstrasse 14
60325 Frankfurt
Germany
Phone: 030 6150 82 151
Fax: 030 6150 82 152
E-mail: info@cassona.de
Internet: www.cassona.de
ISIN: DE000A1C6T63
WKN: A1C6T6
Listed: Freiverkehr in Berlin; Frankfurt in Open Market ; GXG
End of News DGAP News-Service
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254092 25.02.2014
CASSONA distributes the results of the expert's opinion: On the oil
property of CASSONA in Alberta about 50.8 million barrel light oil and
additionally 102.6 million barrel heavy oil are proven.
Frankfurt (25 February 2014) - CASSONA SE (COE) informs that according to
the expert's opinion, which has been commissioned in early January, on the
oil property a quantity of 50.8 million barrel light oil and 102.6 million
barrel heavy oil OOIP have been proven.
The expert's report states that by primary, secondary and enhanced
exploration technologies in total up to 65% of the light oil and 50% of the
heavy oil are recoverable. The proven light oil deposits are resources of a
soil layer, which in the area of Red Earth in the Province of Alberta in
Canada is called Slave Point Formation.
Since a couple of years for the efficient production of light oil locally
an efficient and approved technology is applied. The experts propose a
successive development of the entire oil property in so called pads of up
to 4 drilling wells, which are supposed to be located close to each other
to reduce the environmental impact caused by the movement of the drilling
rigs. In Q1 2014 the experts expect for locally produced light oil to
achieve sale prices of up to 95 dollar per barrel. CASSONA markets its
first production volumes for about 80 dollar per barrel minus applicable
taxes. The production of heavy oil from oil sands however requires a
different production technology. In close proximity to the production well
a steam injection well is placed to liquidate the oil deposits before
pumping them to the surface.
'For our internal evaluation this expert's opinion has an outstanding
importance', states the CEO of CASSONA Dr. Guido Quadri. 'This finally
shows the amount of assets held by CASSONA. As a next step we are planning
to develop the production of our light oil resources. The additionally
existing reserves of heavy oil we consider rather as a joker.'
CASSONA is an investment corporation for targets of the business sectors
natural resources, mining and infrastructure. CASSONA is a European
corporation with domicile in Frankfurt Main. The shares are listed at the
regulated market of GXG Markets and they are traded at the Open Market of
Frankfurt Stock Exchange FWB and at Berlin Stock Exchange (ISIN
DE000A1C6T63).
CASSONA SE
Schubertstr. 14
60325 Frankfurt Main
Germany
ir@cassona.de
www.cassona.de
This announcement contains forward-looking statements that are based on
current assumptions and forecasts of the management of CASSONA SE. Known
and unknown risks, uncertainties and other factors could lead to material
differences between the forward-looking statements given here and the
actual development, in particular the results, financial situation and
performance of our company. The company assumes no liability to update
these forward-looking statements or to conform them to future events or
developments.
(c) 2014 CASSONA SE is a European corporation in the legal form societas
europaea (SE) with headquarters in Frankfurt am Main, country of origin
Germany and first quotation at the Danish stock exchange GXG Markets A/S in
the EU regulated market segment GXG Official List.
End of Corporate News
---------------------------------------------------------------------
25.02.2014 Dissemination of a Corporate News, transmitted by DGAP - a
company of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
---------------------------------------------------------------------
Language: English
Company: CASSONA SE
Schubertstrasse 14
60325 Frankfurt
Germany
Phone: 030 6150 82 151
Fax: 030 6150 82 152
E-mail: info@cassona.de
Internet: www.cassona.de
ISIN: DE000A1C6T63
WKN: A1C6T6
Listed: Freiverkehr in Berlin; Frankfurt in Open Market ; GXG
End of News DGAP News-Service
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254092 25.02.2014
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