News Releases
| January 07, 2008 RIDGEWOOD 12/17b-1 WELL ABANDONED | |
| Gulf Shores Resources advises it has agreed with the operator's proposal to plug and abandon the Ridgewood 12/17B-1 well as a dry hole. Gulf Shores (UK) Limited, a wholly owned UK subsidiary of Gulf Shores Resources paid 15 per cent of the well costs to earn a 10-per-cent interest in block 12/17b production licence P1301. As previously announced Gulf Shores Resources will participate in the drilling of an exploration well to evaluate the Maria prospect located in United Kingdom Continental Shelf (UKCS) block 15/18a. Gulf Shores will pay 11.11 per cent of the cost to drill and test the farm-in well to earn 8.33 per cent in licence P.233 (block 15/18a). The licence also includes two deeper Jurassic fallow discoveries. Drilling of the Maria well is expected to commence during the first half of 2008. Gulf Shores is fully financed for the cost of its participation in this well. Also as previously reported, Gulf Shores is paying 20 per cent of the cost of acquiring new 3-D seismic and 13.33 per cent of the cost of drilling a test well to earn a 10-per-cent interest in a 422-square-kilometre (approximately 104,000-acre) block located in Quad 30 in the United Kingdom North Sea. Recently acquired seismic indicates the block contains several Jurassic and Permian plays. A well drilled into one of the Jurassic plays logged oil before the well was abandoned due to insufficient zone thickness. Three-dimensional seismic on the block indicates that the Jurassic thickens to the northwest of that well. Lundin Petroleum AB is the operator of this project. Gulf Shores is fully financed for the cost of its participation in the acquisition of the new 3-D seismic. As part of its continuous active exploration program in the North Sea, Gulf Shores continues to review other North Sea exploration projects. For further information, please contact Mr. Gerald Otterman at (604) 683-3309 Email: gulfshores@net-conex.com ON BEHALF OF THE BOARD "MICHAEL TURKO" Michael Turko President THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE. | |
You can view the Next News Releases item: Thu Jan 10, 2008, UPDATE ON PETRO - CANADA PROJECT You can view the Previous News Releases item: Fri Dec 21, 2007, GULF SHORES HAS SPUDDED EXPLORATION WELL 12/17B-1, OFFSHORE UNITED KINGDOM You can return to the main News Releases page, or press the Back button on your browser. |
