This looks like very good news for FST fans:
Forest Oil says finds S.Africa offshore gas field
JOHANNESBURG, April 1 (Reuters) - U.S.-based oil and gas company Forest Oil <FST.N> has discovered an offshore natural gas deposit off the west coast of South Africa with estimated recoverable reserves of 2.5 trillion cubic feet, the company said.
In a statement carried late on Friday by the South African Press Association, Forest Oil said the results of the discovery, near the Namibian coast at a depth of 800 feet, were preliminary and did not include any proven reserves.
"Forest Oil Corporation is currently investigating gas markets and gas conversion technologies to commercialise the AK gas accumulation," the company said.
"If the discovery is determined to be commercial, the Republic of South Africa will have the right to back in for a ten percent interest."
South Africa's Star newspaper quoted Forest Oil's acting chief executive Jack Holiday as saying that the field, 48 miles southwest of the mouth of the Orange River, was one of the first significant natural gas discoveries offshore South Africa.
It said South Africa's Petroleum Agency, which regulates oil and gas exploration, had granted Forest and its partner, Anschutz Overseas South Africa Corporation, a licence to explore northwards up the west coast to the Namibian border. If viable, production in the field could start by 2004, it added.
Forest Oil engages in acquisition, exploration and production of natural gas and crude oil.
04:46 04-01-00 |
