Alberta Oilsands (AOS-V) operator spuds Moosehead-1 well, 25% chance of success.
Aug 12, 2013 - News Release
Alberta Oilsands Inc. has provided an update on recent activity by HRT Participacoes em Petroleo SA in the Orange basin, offshore the Republic of Namibia. On August 6, 2013, HRT announced the spud of its Moosehead-1 well (2713/16-1), the third offshore well in its exploratory drilling campaign. This well is targeting the Moosehead Prospect, located in Petroleum Exploration License 24, in the Orange Basin, offshore the Republic of Namibia. HRT's main objective of this well is to test the oil potential of Barremian-aged carbonate reservoirs, expected to be equivalent to the Brazil and Angola "pre-salt" reservoirs. HRT expects several source rocks to be penetrated, including the Aptian source rock, which is anticipated to be oil generating according to its geochemical modeling. HRT expects the total time estimated to complete the operations to be approximately 53 days. AOS is pleased to hear that HRT is starting this well with the same optimism that has guided HRT to design the three-well exploration program offshore Namibia.
AOS owns 85% of Leopard Investments, a local Namibian company that holds the petroleum exploration licenses for blocks 2712A and 2812A. Located in the Orange Basin, offshore Namibia, these blocks cover an area of approximately 2.7 million acres and are adjacent to blocks owned by HRT Participacoes em Petroleo SA.
Binh Vu, CEO of AOS commented "The market is giving us no speculative value for a positive outcome at Moosehead - in fact the market is giving us zero value for any of our assets either domestic, or international, exploration or drilled-out development. According to HRT, Moosehead has a 25% chance of success so exposure to any discovery there is effectively for free at this point for our shareholders, and results are expected in late September according to HRT's timeline."
AOS currently has 211,482,057 issued and outstanding common shares, and as of March 31, 2013, the Company had current assets of approximately $6.76-million. AOS had also spent $51 million on its Clearwater assets prior to their cancellation, and expects to be compensated, with interest, for those expenditures under the Mineral Rights Compensation Regulation (Alberta Regulation 317/2003).
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