From Len Hynes some interesting stuff
According to the company's recent press release we should soon hear
the flow rates from their successful well in the South Gosfield
project, near Windsor, Ontario. There appears to be considerable
speculation that this will be a MAJOR DISCOVERY. If this proves to
be the case I would expect VUL-C to exercise it's option to
participate in the 4 off-set wells that are planned on the property.
Now that well#1 has been successful, the probability of success in
subsequent wells increases tremendously.Vulcan's latest press release
(April 11/97) appears to indicate that the company will participate in
future wells on the property. It will be very interesting to see what
these flow rates mean in terms of cash flow for the company....in any
event, I feel certain that current shareholders will be very pleased.
Investors who are following the WEST COAST OIL PLAY were put on notice
by PanCanadian on Friday, April 18/97 , that ,when the details of the
successful well drilled by Hunt Oil/PanCanadian in 1995 are officially
released, we will see news of a MASSIVE DISCOVERY.
Mr David Tuer, Pres. and CEO of PanCanadian stated that the well
"flowed significant quantities of high-quality crude oil....from that
we know that the basin has all the ingredients you would expect to
find in a world-class hydrocarbon basin". Mr. Tuer stated further
that"numerous geological clues point to the presence of large pools of
oil in Western Nfld., so it's reasonable to expect Hibernia-type
reserves.......the company is counting on western Nfld. oil fields to
become a key asset for PanCanadian..."
What does that mean for VULCAN?... in three words...BLUE SKY
POTENTIAL^^^^^^^.
In December/96, VUL-C announced that it 's shallow hole (500 ft. )
bled oil from Carboniferous conglomerate, which the company believes
migrated from the deeper Ordovician formation. The company is planning
further seismics and drilling on the property in 1997. Current
shareholders are expecting to see VUL-C become a Big Player in the oil
play.
As I've stated before, VUL-C is gift-wrapped at its current trading
price.
Watch the action heat up in the coming months as companies such as
Delpet, LMX, Vinland and VULCAN begin drilling. I wouldn,t rule out
an announcement by one of the MAJORS either of it's imminent plans to
return to Western Nfld. |
