Owner
Post by Franko10 ™ on Feb 18, 2008 9:40:38 GMT -5
Forest Gate Secures Rig for Summer 2008 Hook Head Drill Program (cnw)
Shares outstanding: 119 Million
SYMBOL & EXCHANGE: FGT-V
MONTREAL, Feb. 15 /CNW Telbec/ - Forest Gate Resources Inc. is pleased to confirm that it has secured a semi-submersible rig for a drilling campaign in the Celtic Sea during the summer of 2008. This follows Forest Gate's announcement made October 11th 2007, confirming the presence of a significant oil accumulation at the Hook Head structure with the drilling of the 50/11-3 appraisal well.
Under the terms of the deal, the operator Providence, on behalf of Forest Gate and its Celtic Sea partners, has hired the Transocean semi-submersible rig, the GSF Arctic 2. The contract consists of two wells plus an option on a third well. The primary objective of the drilling campaign will be to further appraise the Hook Head oil accumulation. Depending on the outcome of this appraisal program, the partners may then elect to drill a further appraisal well on the adjacent Dunmore East 50/6-1 oil discovery, located some 20 kilometres north of the Hook Head accumulation. Details on the precise drilling locations and the sequencing of drilling will be confirmed over the coming months.
The Hook Head appraisal well 50/11-3 was located in approximately 240 ft. water depth and situated approximately 60 kilometers offshore southern Ireland in Standard Exploration License 2/07 in the North Celtic Sea Basin.
Some of the key results determined from the drilling program and the preliminary evaluation of the well data were:
<<
- The hydrocarbon type recovered is now confirmed as good-quality
30 degree API oil with associated gas.
- Hydrocarbons were encountered over a 484 ft. gross interval in the main
target zone with 75 ft. of net hydrocarbon bearing section.
- The reservoir is normally pressured to approximately 1,170 psi at
approximately 2,550 ft. TVDSS.
- The reservoir porosities within the hydrocarbon bearing zones are up to
27%.
- The well was drilled on the crest of the structure and was on
geological prognosis confirming the pre-drill interpretation.
- Three further prospective zones, which were identified pre-drill as
exploration targets for the well, were all logged as being hydrocarbon-
bearing. These good quality reservoir zones, which are above the main
target zone, had good oil/gas shows whilst drilling and logged a
cumulative of approximately 20 ft. of additional net pay.
>>
The success of Hook Head would justify economic development of the additional Celtic Sea fields. Forest Gate has a 7.5% interest in two licenses in the Celtic Sea, Ireland. These licenses include, in addition to the Hook Head discovery, three discoveries which have flowed oil and gas. For example, Dunmore and Helvick, which are both within 40 km of Hook Head, have both flowed oil, while Ardmore has flowed gas. In addition, there are two other oil prospects, Blackrock and Rushane. Blackrock has the potential to be an even larger field than Hook Head.
About the Company
Forest Gate Resources Inc. is an international oil & gas exploration company. The company is seeking to increase shareholder value through participation and development of oil & gas exploration and production projects in Ireland and Canada. The Company's shares trade under the symbol FGT on the TSX Venture Exchange.
Forward-Looking Statements
This news release contains discussion of items that may constitute forward-looking statements within the meaning of securities laws that involve risks and uncertainties. Although the company believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurances that its expectations will be achieved. Factors that could cause actual results to differ materially from expectations include the effects of general economic conditions, actions by government authorities, uncertainties associated with contract negotiations, additional financing requirements, market acceptance of the Company's products and competitive pressures. These factors and others are more fully discussed in Company filings with Canadian securities regulatory authorities.
The TSX Venture Exchange has not reviewed nor does it accept
responsibility for the adequacy or accuracy of this news release.
For further information: Robert Kramberger, V-P, Investor Relations, 1-866-666-3040, rkramberger@forestgate.ca, www.forestgate.ca
Shares outstanding: 119 Million
SYMBOL & EXCHANGE: FGT-V
MONTREAL, Feb. 15 /CNW Telbec/ - Forest Gate Resources Inc. is pleased to confirm that it has secured a semi-submersible rig for a drilling campaign in the Celtic Sea during the summer of 2008. This follows Forest Gate's announcement made October 11th 2007, confirming the presence of a significant oil accumulation at the Hook Head structure with the drilling of the 50/11-3 appraisal well.
Under the terms of the deal, the operator Providence, on behalf of Forest Gate and its Celtic Sea partners, has hired the Transocean semi-submersible rig, the GSF Arctic 2. The contract consists of two wells plus an option on a third well. The primary objective of the drilling campaign will be to further appraise the Hook Head oil accumulation. Depending on the outcome of this appraisal program, the partners may then elect to drill a further appraisal well on the adjacent Dunmore East 50/6-1 oil discovery, located some 20 kilometres north of the Hook Head accumulation. Details on the precise drilling locations and the sequencing of drilling will be confirmed over the coming months.
The Hook Head appraisal well 50/11-3 was located in approximately 240 ft. water depth and situated approximately 60 kilometers offshore southern Ireland in Standard Exploration License 2/07 in the North Celtic Sea Basin.
Some of the key results determined from the drilling program and the preliminary evaluation of the well data were:
<<
- The hydrocarbon type recovered is now confirmed as good-quality
30 degree API oil with associated gas.
- Hydrocarbons were encountered over a 484 ft. gross interval in the main
target zone with 75 ft. of net hydrocarbon bearing section.
- The reservoir is normally pressured to approximately 1,170 psi at
approximately 2,550 ft. TVDSS.
- The reservoir porosities within the hydrocarbon bearing zones are up to
27%.
- The well was drilled on the crest of the structure and was on
geological prognosis confirming the pre-drill interpretation.
- Three further prospective zones, which were identified pre-drill as
exploration targets for the well, were all logged as being hydrocarbon-
bearing. These good quality reservoir zones, which are above the main
target zone, had good oil/gas shows whilst drilling and logged a
cumulative of approximately 20 ft. of additional net pay.
>>
The success of Hook Head would justify economic development of the additional Celtic Sea fields. Forest Gate has a 7.5% interest in two licenses in the Celtic Sea, Ireland. These licenses include, in addition to the Hook Head discovery, three discoveries which have flowed oil and gas. For example, Dunmore and Helvick, which are both within 40 km of Hook Head, have both flowed oil, while Ardmore has flowed gas. In addition, there are two other oil prospects, Blackrock and Rushane. Blackrock has the potential to be an even larger field than Hook Head.
About the Company
Forest Gate Resources Inc. is an international oil & gas exploration company. The company is seeking to increase shareholder value through participation and development of oil & gas exploration and production projects in Ireland and Canada. The Company's shares trade under the symbol FGT on the TSX Venture Exchange.
Forward-Looking Statements
This news release contains discussion of items that may constitute forward-looking statements within the meaning of securities laws that involve risks and uncertainties. Although the company believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurances that its expectations will be achieved. Factors that could cause actual results to differ materially from expectations include the effects of general economic conditions, actions by government authorities, uncertainties associated with contract negotiations, additional financing requirements, market acceptance of the Company's products and competitive pressures. These factors and others are more fully discussed in Company filings with Canadian securities regulatory authorities.
The TSX Venture Exchange has not reviewed nor does it accept
responsibility for the adequacy or accuracy of this news release.
For further information: Robert Kramberger, V-P, Investor Relations, 1-866-666-3040, rkramberger@forestgate.ca, www.forestgate.ca
