Olympic 30 per cent interest in Wilson prospect
Olympic Resources Ltd ORL
Shares issued 11,519,376 Jul 4 close $0.44
Wed 5 Jul 2000 News Release
Mr. Daryl Pollock reports
Olympic Resources Ltd. has agreed to participate to the extent of a
30-per-cent working interest (15-per-cent net revenue interest) in a well
presently being drilled on the Wilson prospect in Tehema county, Calif.
The prospect is located in the East Rice Creek gas field. Target beds are
the Cretaceous Forbes sands which are laterally discontinuous turbidites
creating various types of traps.
This is a low-risk play since the Wilson well is a simple direct
competitive offset play some 250 feet south of the Royale "Victor Ranch"
No. 1 to 20 well drilled and completed June 13, 2000, and currently
producing two million cubic feet per day. Production is from a Forbes gas
zone between 4,780 to 4,870 feet and another gas zone from 5,240 to 5,250
feet. The Royale well was drilled 145 feet from the Wilson prospect and
their electric log has been released to the public. The log reveals they
encountered arguably the best-looking gas sand of any well in the East Rice
Creek field. The data reveals excellent correlation between the Royale
4,800-foot zone to the Wilson 4,800-foot zone with the Wilson zone in an
up-dip location to the Royale well. The most likely scenario to explain why
the Royale well was drilled so close to the Wilson lease line is the
presence of an anomaly beginning on the south edge of their 3-D data set
and brightened as it exited their data set to the south and up-dip onto the
Wilson acreage.
This well was spudded on July 3, 2000. |
