I don't know if this helps at all:
March 18, 1997 at 12:13
E.G. (Ed) Mowatt, Chief Financial Officer, Tracer Petroleum
Corporation is pleased to announce that further to the Letter of Intent
announced on February 5, 1997, a marketing prospectus has been completed
and executed between the Company and International Exploration Consultants
(Canada) Inc. ("IEXCO") on March 15, 1997.
Under the terms of the Agreement, IEXCO have agreed to market on
behalf of TRACER a seismic and drilling fund targeting the Panhandle area
of the North Tanjung Block. The area of reference comprises some 276,000
acres of the Block.
A work program of approximately US $5,100,000 has been proposed which
will include over 400 kms. of new seismic and the drilling of at least one
well utilizing TRACER's rig. In addition, extensive geological and
geophysical work on the targeted area is to be completed.
The new partners will have an option to earn up to a 40% working
interest in the Panhandle area upon completion of the proposed work
program.
The Pandhandle area is located in the eastern portion of the North
Tanjung Block, some 13 kilometres north of the producing Tanjung field
which has produced over 125 million barrels of oil to date. The pipeline
running from the Tanjung field to the refinery in Balikpapan runs through
the eastern flank of the Panhandle area affording easy access to any oil
that may be discovered by TRACER.
A detailed marketing brochure has been prepared and a number of
potential participants have been identified. It is anticipated that timing
on the initiation of the work program will be formalized within the next 90
days.
Tracer is the 100% interest holder and operator through its
wholly-owned subsidiary PerminTracer Petroleum Ltd. of the 1.2 million acre
North Tanjung Exploration block, in Kalimantan, the Indonesian portion of
Borneo. Tracer also holds a 4.25% interest in the Ogan Komering joint
venture in Sumatra currently producing over 18,000 barrels of oil per day.
TEL: (604) 682-7507 Mr. Ed Mowatt or Mr. Craig Doctor
FAX: (604) 682-0217 |
