Daytona Energy Corp DYT - CDNX Message Board

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Gold/Mining/Energy : Daytona Energy Corp DYT - CDNX

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To: Buckey who started this subject	7/4/2000 8:12:36 AM
From: Buckey	of 32

Daytona has drilling success in Timor Sea Daytona Energy Corp DYT Shares issued 17,429,806 Jun 23 close $0.13 Tue 4 Jul 2000 News Release Mr. James Ford reports Recent hydrocarbon encounters by Nippon Oil Exploration Pty Ltd., AEC International (Australia) Pty Ltd., and Kerr McGee (Australia) Oil & Gas have served to highlight the current drilling campaign being conducted in the Timor Sea. Three recent successes have significantly upgraded the prospectivity of Daytona's holdings in AC/P 25, where the company holds 100 per cent of the permit through its wholly owned subsidiary Flare Petroleum NL, and AC/P 27, where Flare holds a 50-per-cent working interest. AC/P 27 - Sleeper prospect Nippon's Cruz-1 well was drilled in AC/P 23, adjacent to and 12 miles (20 kilometres) south of the AC/P 27 licence. The well was tested at a combined rate of 65.5 million cubic feet of gas per day and 1,921 barrels of 52 degree condensate per day. The well has been suspended pending assessment of the discovery. Nippon tentatively plans a second well for later this year. Nippon has put no official reserve potential forth, but industry sources suggest reserves could be in excess of 1.5 trillion cubic feet of gas and more than 50 million barrels of condensate. The Crux discovery is significant in that it is approximately 32 miles (50 kilometres) from the Sleeper prospect in AC/P 27. Sleeper lies in a proven hydrocarbon migration pathway and has the potential to contain several hundred million barrels of oil if hydrocarbons are present. Kerr McGee's Prometheus-1 well lies east of both AC/P 25 and AC/P 27 and encountered a 72 metre dry gas column in the Permian age rocks. The primary reservoir at Sleeper and at several strong leads on the AC/P 25 licence are expected to be karstified Permian limestones. AC/P 25 - Sebring prospect In addition to the Permian targets in AC/P 25, a recent proprietary seismic program has confirmed the presence of a substantial closure up dip to the undeveloped Talbot field. The Sebring prospect is a structural analog to the Challis field some 30 kilometres to the north. Triassic sandstones are productive at Challis and were proven to be productive at Talbot. Recent mapping over Sebring has shown that the prospect is regionally high to the Talbot field and should be on a migration pathway from the deeper basinal areas to the west and southwest of Talbot. The successful Puffin 5 well drilled by AEC further confirmed the potential for expulsion of liquid hydrocarbons from the Vulcan subbasin. During testing of the Puffin 5, oil flowed to the surface but no stabilized production flow rate data were obtained. AEC reportedly will suspend the well as the potential producer and is currently assessing plans to drill an appraisal well later this year to confirm the commercial viability of the discovery. (c) Copyright 2000 Canjex Publishing Ltd. canada-stockwatch.com

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