RE: RE: RE: Up Coming New ReleaseWinstar Provides Update on Tunisian Operations
CALGARY, Sep. 23, 2010 (Canada NewsWire via COMTEX News Network) --
Winstar Resources Ltd. ("Winstar" or "the Company") (TSX: WIX) provides an update on the following Operations in Tunisia:
-- well operations at Chouech Essaida 8S ("CS #8S"); -- update on the Company's Tunisian drilling program;
Well Operations at CS # 8S
Pursuant to the Press Release dated September 14, 2010 the Company reports that the installation of the jet pumping system has been unsuccessful in re-establishing production and the well has been temporarily suspended.
The Company is evaluating its operational and technical options and will provide an update when appropriate.
Tunisian Drilling Program
Winstar has commenced its latest drilling program on its 100% owned and operated Chouech Essaida Production Concession in Southern Tunisia:
Triassic development well, Chouech Essaida #13 (CS #13) - All site and road construction is complete and the drilling rig is being prepared to spud the well on or about September 27, 2010. The 2,450 meter well defined by Winstar's new 3D seismic is forecast to be drilled and cased by the end of October with expectations that any incremental oil production would commence in December.
Silurian exploration well, Chouech Essaida Silurian #1 (CS Sil #1) - The civil construction of the road and site is underway and expected to be complete within four weeks. All required materials have been ordered and should be on site by the end of October. CS Sil #1, located four kilometres north of the existing Triassic oilfield, is expected to spud in November and take approximately 55 days to drill to a programmed depth of 4,400 meters. The well will test multiple zones in the Silurian Acacus and Tannezuft formations with an up-hole secondary exploration target in the Triassic formation. The Company has the option under the current rig contract to drill a third well in the program after CS Sil #1 and the Company will update the market should this option be exercised.