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Gold/Mining/Energy : Olympic Resources ORL:VSE
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To: burner who started this subject11/20/2000 1:57:24 PM
From: burner   of 95
 
Olympic to participate in drilling of Tycoon No. 1-3

Olympic Resources Ltd ORL
Shares issued 11,994,378 Nov 17 close $0.36
Mon 20 Nov 2000 News Release
Mr. Daryl Pollock reports
The company has agreed to participate to the extent of a 17.875-per-cent
working interest in the Tycoon No. 1-3 well to be drilled on the Tycoon
project in Glenn and Tehema county, California.
The Tycoon No. 1-3 will test two primary targets in the Cretaceous Forbes
sand defined from 3-D seismic data which show two bright spots with superb
amplitude and AVO characteristics. The targets are similar to those in the
adjacent East Rice Creek gas field which has an average pool size of two
billion cubic feet. The bright spots occur within discontinuous turbidite
sands that feather out onto a westerly rising structure which is a typical
structural gas trap within the adjacent East Rice Creek gas field. The main
lower target at 4,675 feet is 40 acres in size (comparable with an average
East Rice Creek pool). It also has a favourable north-south depositional
orientation similar to most East Rice Creek amplitude anomalies. The upper
anomaly at 4,450 feet is larger at 88 acres but has lower overall
amplitude.
The Tycoon is located near Olympic's Wilson No. 2-20 well currently
producing over two million cubic feet a day.
The MDHF No. 1-36 well drilled last month has been tested and found to
contain non-economic quantities of gas. As a result, Olympic and its
partners have decided to plug and abandon this well.
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