Olympic to participate in West Denverton Creek
Olympic Resources Ltd ORL
Shares issued 10,654,378 Jan 10 close $0.26
Tue 11 Jan 2000 News Release
Mr. Daryl Pollock reports
Olympic Resources has entered into an agreement to participate in a
15-per-cent working interest in the West Denverton Creek exploration
project. Olympic has paid $45,000 (U.S.) for its interest in 3,200 acres,
including seven square miles of 3-D seismic data which have identified
three drill ready targets. An additional $45,000 (U.S.) has been advanced
for Olympic's share in the Glide-Colby 2-30 test well spudded today, Jan.
11, 2000.
The project is located in Solano county, California, northwest of the Rio
Vista gas field, which has produced more than 3.5 trillion cubic feet of
gas. Three gas fields lie two to nine miles south of the project area. The
Van Sickle Island-Ryer Island-Suisun Bay-Kirby Hill-Denverton Creek area is
one of the most prolific producing trends on an acre-by-acre basis yet to
be evaluated using 3-D seismic in the Sacramento basin. This area typically
offers shallow hydrocarbon reserves of less than 6,000 feet in depth and is
relatively underexplored.
Primary target beds in the project area include the early
Tertiary/Domengine and Anderson/Wagenet sands on the east side of the Kirby
Hills fault system. This north-south trending fault has been identified by
seismic data and is similar to that found in the Kirby Hills field six
miles south which has produced 54 billion cubic feet from less than 300
acres.
The Glide-Colby 2-30 test well will test a trap established by a structural
closure along the primary north-south normal fault which is part of the
Kirby Hills fault zone. The well is designed to test the up-thrown block of
the fault, which is believed to have 300 feet of closure. Two other drill
locations to the north are established by two cross faults within this
fault zone. The intersection of these cross-faults with the primary
north-south normal fault creates potential traps for both locations. All
drill holes will target the Domengine and Anderson/Wagenet sands which have
produced in nearby fields. Thicknesses for these sand beds within the
project area are 150 feet in the Domengine and 900 feet in the
Anderson/Wagenet. The area is easily accessible and pipeline infrastructure
is in place. |
