Daytona receives seismic survey results; appointment
Daytona Energy Corp DYT
Shares issued 2,154,508 Jan 14 close $0.17
Mon 17 Jan 2000 News Release
Mr. John Tarrant reports
Excellent progress in being made with the integration and interpretation of
the Sleeper seismic survey data across AC/P-27 and the Sheila seismic
survey data over AC/P-25, both located in Northern Australia. These blocks
are 50-per-cent and 100-per-cent owned respectively, by Daytona subsidiary,
Flare Petroleum NL. The interpretation over AC/P-27 is being carried out by
operator Arc Energy NL to further delineate the large Sleeper prospect. The
interpretation across AC/P-25 is being carried out by Malo/Plybon
Geoscience of Dallas, Tex., where several leads including Up-Dip Talbot
prospect are being finalized.
Exploration blocks AC/P-25 and AC/P-27 are located in the Timor Sea where
substantial drilling activity is scheduled by a number of companies during
the year 2000 with more than 20 wells scheduled. The first of these wells,
Brontosaurus-1, was spudded by the operator, Coastal Petroleum, in permit
AC/P-20 on Jan. 10, 2000. It is located approximately 60 kilometres
north-northwest of AC/P-27 and AC/P-25. Nippon will be drilling an
exploratory well, Crux-1, in permit AC/P-23 in March, 2000. This well is in
the permit immediately southwest of Daytona's AC/P-27.
Mr. Tarrant also reports
Dr. Jim Edwards has been appointed as director and chief executive officer
of Daytona Energy.
Dr. Edwards has been actively involved in international oil and gas
exploration for more than 24 years. He has participated in oil and gas
discoveries in Australia, Colombia, France, United Kingdom, Norway,
Trinidad and Thailand. His experience includes both technical and
managerial responsibilities ranging from basin analysis and prospect
generation to definition and implementation of corporate policy.
From 1990 to 1997, Dr. Edwards was president and chief operating officer
for Global Exploration, Inc. and between 1975 and 1990 acted in various
capacities with Triton Energy Corporation and Tenneco Oil Company.
Dr. Edwards holds advanced degrees in geology, including a master of
science degree from the University of Georgia and a PhD from Rice
University, Houston, Tex. |
