GREY:CIMVF - Post by User
Comment by
turron Feb 17, 2011 3:24pm
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Post# 18152398
RE: RE: Nalcor News release
RE: RE: Nalcor News releaseYou be the judge
Nalcor Energy Oil and Gas update on Parsons Pond exploration program
February 17, 2011, St. John’s, NL- Nalcor Energy Oil and Gas (Nalcor) and its partners are announcingtheir intention not to pursue drilling of the third well, Nalcor et alDarcy well in the current Parsons Pond onshore exploration program.
“Theresults of our drilling, testing and seismic analysis have providedgood quality data that has advanced our understanding of this West Coastbasin,” explained Jim Keating, Vice President, Nalcor Energy Oil andGas. “What we’ve gathered through this program is one of the mostextensive datasets that exists as a result of drilling to depths neverreached in this area before.”
The first two wells encountered gasshows while drilling. An analysis of the data obtained from those wellsshow that drilling in this third location, which is located directlybetween the first two wells, will likely result in similar results andprovide limited additional information about this area’s oil potential.Based on this analysis, Nalcor has made the decision to not drill thiswell in this location at this time. The Stoneham 11 drilling rig will bedemobilized while further analysis is undertaken.
“We have notaltered our commitment to evaluating and furthering our understanding ofthis basin,” said Keating. “We will now integrate the data that’s beenobtained from the wells with other known information about this area anddetermine our next steps. We are committed to further analysis of thepetroleum potential of the basin.”
Nalcor'smain operational objective was to gain information from this basinwhich will allow further insight and assessment of the geology and thepetroleum potential. The Company will focus its efforts on analyzing andunderstanding the extensive dataset obtained from drilling the firsttwo wells and testing conducted at the first well, Nalcor et al Seamus.
NalcorEnergy has an average of 67 per cent gross working interest in threeonshore exploration permits on the island’s west coast. In addition toNalcor Energy Oil and Gas Inc., there are four other partners withvarying holdings in the three permits: Leprechaun Resources Ltd.; DeerLake Oil and Gas Inc.; Investcan Energy Corporation; and Vulcan MineralsInc.