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Gold/Mining/Energy : Fortune Petroleum (FPX)
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To: TD who wrote (124)11/7/1997 10:21:00 PM
From: Joseph T. Worley  Read Replies (2) of 275
 
Update from JC today. Here are the notes:

At Sorrell:

They began to set intermediate casing at 11,550 ft earlier this week on #3. He thought drilling would probably begin again as early as today.

Target depth is 13,500 ft. They will need to set one more string of casing. Probably 15-20 days yet until they reach the target depth.

They had a couple of shallow targets going in that they have encountered before and they are looking for a new target in this well at about 11,800 ft. They will obviously go down to the two deeper sands that are already producing. He said if they encounter those two sands again they will be in a different fault block this time. I got the impression thats both good and bad. It's bad because there is an additional element of risk going into a new fault block, but it's good if it is successful because it adds to the reserves of the original discovery.

At La Rosa:

Still coming along. He expects that drilling will begin before month end and they still plan to do three shallow completions before year end.

At Santo Bay:

Coming along nicely. Same type of situation with shallow opportunities. Drilling will probably begin there in mid-February. Waiting for something called a 'bay' rig to show up at that time. Once the rig is in place there will be continuos drilling of multiple wells.

The shallow wells are more developmental in nature.

That's all I've got for now. Anyone have any other news ?

Joe Worley
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