OEL-v...in the news:
Osprey Woodlawn well reaches 10,500 feet
Wed 12 Feb 2003
News Release
Mr. Bernard Robichaux reports
Drilling of Osprey Energy's Woodlawn prospect in southwest Louisiana has
reached a depth of 10,500 feet. A 7-5/8-inch casing is now being cemented
in place. Over the next several days the mud weight will be increased as
drilling continues down to the target at around 11,500 feet. All
indications remain positive. The $2.5-million (U.S.) cost of the drilling
is being fully assumed by partner, Noble Energy of Houston, Tex., through
its recently acquired subsidiary, Samedan Oil Corporation.
Drilling of the first of two initial exploration wells in Prince Edward
Island is scheduled to begin on Saturday, Feb. 15. The operator, Rally
Energy of Calgary, Alta., which has a 55-per-cent interest in the 642,000
acres on the island, held a public meeting in Kensington, PEI, yesterday to
fully inform local residents about the project. Both of the initial
exploration wells are targeting conventional gas at depths of less than
1,700 metres. Osprey has a 10-per-cent interest in the project.
Negotiations continue with a second lender in order to convert short-term
debt to a long-term convertible debenture. Prospective sources of
additional financing have encouraged the company to strengthen its balance
sheet by minimizing short-term debt obligations. The company remains
optimistic that a second convertible debenture can be finalized in order to
facilitate the acquisition of significant financing for exploitation and
development of current reserves and property acquisitions. |
