Shamrock to participate in Oro Fino drilling
Shamrock Resources Inc SHJ
Shares issued 11,061,200 Aug 4 close $0.50
Wed 4 Aug 99 News Release
Mr. Robert Brady reports
Under its first right of refusal agreement with Albatross Oil and Gas
Company Inc., Shamrock has reached an agreement to participate in the
drilling of the Konekamp No. 1 to 3 RD No. 3 well in the Oro Fino field in
the Salinas basin, Calif. Shamrock and Albatross will each earn a
20-per-cent interest in the well which is targeting oil and gas in the
Miocene Vaqueros sand at a target depth of approximately 6,5O0 feet (1,850
metres), with a potential pay zone thickness estimated at 200 feet (62
metres). Drilling of the Oro Fino Konekamp No. 1 to 3 RD No. 3 well
commenced on Aug. 3, 1999.
Shamrock is also negotiating for participation to Albatross's two Lost
Hills projects in the San Joaquin basin, Kern county, Calif. Albatross has
a 45-per-cent working interest in the Lost Hills shallow and medium depth
development project. The project has production at 125 barrels of oil per
day and established producing and undeveloped reserves with net pays
ranging from 20 to 50 feet (six to 15 metres). The Enron-United 3-11 well,
the first of up to six horizontal oil wells, commenced drilling on July 30,
1999, the W5 formation.
Albatross also has an 80-per-cent working interest in the Lost Hills
Temblor prospect which is targeting the same Miocene Temblor sand reservoir
as that in the Bellevue No. 1 blow-out well.
(c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com
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