Claren Energy Corp V.CEN.H

Claren Energy Reaches Total Depth on the Bobocu Side-track W

[GAMOOD2]

January 17, 2017 08:37 ET

TORONTO, ONTARIO--(Marketwired - Jan. 17, 2017) - Claren Energy Corp. ("Claren" or the "Company") (TSX VENTURE:CEN) is pleased to announce that the Bobocu 310 side-track well ("B310-ST1") onshore Romania has reached Total Depth ("TD") of 2,765 meters (9,071 feet).

B310-ST1 has successfully drilled through the Lobe G sandstone and the Corcova sandstone which are Upper Miocene reservoirs. Lobe G was penetrated at 2,657 meters (8,717 feet), and the Company's primary target Corcova was subsequently penetrated at 2,696 meters (8,845 feet).

The presence of gas was confirmed in Lobe G and Corcova based on the mud log data, and the logging while drilling data ("LWD") including gamma-ray and resistivity tools. Three additional thinner gas sands (Lobes K, J and H) were also penetrated above Lobe G, whose economic value will be assessed at a later stage.

After a wiper trip Claren will immediately commence open hole wireline logging, followed by casing, and cementing. The Company anticipates running drill stem tests ("DST's") within Lobe G and Corcova with test results to be reported shortly thereafter.

"We are pleased to have successfully reached TD despite severe weather conditions. We are encouraged to have encountered gas shows not only in our Lobe G and Corcova objectives, but also in three additional uphole units. We look forward to reviewing the wire line data and the DST test results to further assess the quality of the reservoirs and their potential deliverability. My thanks go out to the crew, who have worked through the holiday period under difficult conditions" stated Henry Aldorf, Claren's Chairman and CEO.