marcos, Denison growing!
DENISON INCREASES SHARE IN WHITE ROSE
TORONTO, May 20 /CNW/ - Denison Mines Limited announced today that it has
reached an agreement to acquire an additional interest of approximately 1.27%
in the White Rose oil field offshore Newfoundland for $1.8 million. The
completion of the purchase, which will bring Denison's total interest to about
3.7%, is conditional upon satisfactory title review and is scheduled for June
15, 1997.
The White Rose oil field, in the Grand Banks near the Hibernia field, is
estimated to contain recoverable reserves of about 250 million barrels of
crude and covers about 33,000 hectares.
E. Peter Farmer, Denison's President and Chief Executive Officer, said
that ``the operator of the White Rose joint venture is evaluating plans for
delineation drilling and formation flow testing during late 1998 and 1999. If
this program proves successful, full field production could begin as early as
2003. With the completion of this purchase, Denison's share of oil from the
White Rose field increases by 50%. Based upon preliminary estimated production
rates, Denison's share of annual production would increase from approximately
900,000 barrels a year to 1,350,000 barrels each year.''
``This expanded White Rose interest will help significantly in replacing
our current oil production commencing about the year 2003.''
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For further information: E. Peter Farmer (416) 979-1991 Extension 231 |
