FIELD ACTIVITIES / T & H Resources updates Drilling
Listed: TSE
Symbol: THE
TORONTO, Dec. 11 /CNW/ -
Drilling Stopped - West Cameron 18 Project
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T & H Resources Ltd. (''T & H'') has been advised by the operator of the
West Cameron 18 Project, offshore Louisiana that, subsequent to reaching the
15,077 foot depth on the exploratory well and examining logs, the geological
structure is not that which was anticipated and it has recommended that
drilling be ceased.
T & H Resources Ltd. (''T & H'') had the right to acquire a 6 2/3%
working interest before payout in the project by paying 8% of the initial
drilling costs.
South Fort Stockton Project
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Further to its press release of November 25th, 1997, T & H now expects a
spud date by the end of this month on the Fort Stockton Project. Site
preparation has commenced. The initial exploratory well will be drilled by
Midland, Texas based Baytech, Inc. to bottom hole at a depth of 26,000 feet.
The primary drilling objective will be the Ellenburger Formation with the
secondary objective being the Devonian Formation. The adjacent Gomez Field to
the northwest has produced 4.7 trillion cubic feet (''TCF'') of the 7 TCF of
recoverable reserves while the adjacent McComb Field to the north has produced
30 billion cubic feet (''BCF'') of the 160 BCF of recoverable reserves and the
Puckett Field 15 miles to the southeast has produced 3.8 TCF of 5 TCF
recoverable reserves. T & H has a right to acquire a 20% working interest in
the initial well and a 15% working interest in the contract lands. T & H's
interest in the initial well is subject to Baytech's 25% back-in after payout.
T & H must meet original listing requirements by February 6, 1998 to
maintain its Toronto Stock Exchange listing. |
