Daytona Energy Corp DYT - CDNX Message Board

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Gold/Mining/Energy : Daytona Energy Corp DYT - CDNX

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To: fch777 who wrote (16)	2/26/2001 5:37:52 AM
From: Buckey	of 32

Daytona awarded 26-per-cent interest in Australian block Daytona Energy Corp DYT Shares issued 18,792,306 Feb 21 close $0.17 Mon 26 Feb 2001 News Release Dr. James Edwards reports Daytona Energy has accepted a grant from the Australian Northern Territory and federal government to conduct exploration operations over Block AC00-4. The award of the permit resulted from a competitive bid application submitted by Daytona, Norwest Energy NL and Eagle Bay Resources NL in early November, 2000. The 247,000-acre permit (approximately 1,000 square kilometres) is located in the prospective Timor Sea area of Australia's northwest shelf. The permit was awarded for an initial period of six years and the consortium is obligated to drill one well prior to the end of the third year. Award of the AC00-4 application fits well with Daytona's strategy to accumulate substantial acreage in highly prospective areas. The new Vulcan sub-basin acreage extends westward from the northwest corner of Daytona's AC/P 25 permit (100 per cent) and turns southward to connect with the western boundary of AC/P 27 where the company has a 50-per-cent working interest. Daytona's acreage position within the Ashmore-Cartier territory covers more than 650,000 gross acres, or just over 2,650 square kilometres. AC00-4 is adjacent to proven hydrocarbon accumulations such as Jabiru and Challis 35 kilometres northeast of the permit and the Talbot retention licence found immediately adjacent to the AC00-4 common boundary with AC/P 25. A number of prospects and leads have been identified within the block and at least three hydrocarbon generating kitchens are known to exist proximal to the acreage. The joint venture includes: Daytona Energy Corporation 36 per cent Norwest Energy NL (through Westranch Holdings Pty. Ltd.) 34 per cent Eagle Bay Resources NL 30 per cent

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