Hello Everyone: Two Cote d'Ivoire Production Sharing Contracts Signed
Gentry Resources Ltd
GNY.B
Shares issued 13420064
1998-01-06 close $1.35
Wednesday Jan 7 1998
Also Gulf Canada Resources Ltd (GOU)
Mr Hugh Ross reports:
Gentry, along with Ranger Oil, Clyde Expro plc (a subsidiary of Gulf
Canada Resources) and TC Petroleum, signed two significant
production sharing contracts with the government of Cote d'Ivoire, West Africa.
Gentry was instrumental in attracting these industry participants to the country when in March of 1997, the participants, along with Energy
Africa, entered into their first Cote d'Ivoire offshore exploration licence, block CI-102.
The two new offshore exploration licences, CI-101 covering
approximately 3,200 sq km (790,000 acres) and CI-103 covering
approximately 2,500 sq km (620,000 acres), are immediately south and
southeast of block CI-102 in water depths of 200m and deeper.
Participation in these two offshore exploration licences represents
Gentry's fourth and fifth international acquisitions within 10 months.
Blocks CI-101 and CI-103 are also south of the Espoir and Belier oil
fields. The Espoir field was in production from 1980 to 1988 with an
average daily output of 10,000 barrels per day. The field originally
contained approximately 420 million barrels of oil in place and was
producing 8,000 barrels per day when it was shut down in 1988 due to
harsh fiscal terms and high operating costs. The Espoir field
redevelopment is currently being reviewed by Ranger Oil as operator,
along with Switzerland-based Addax Petroleum and Ireland-based
Tullow Oil. The Belier field is currently being explored by Santa Fe
Energy. Ranger Oil, which possesses significant West African offshore
exploration expertise, will act as operator for the joint venture group. The working interest percentages of the participants are:
Ranger Oil Cote
d'Ivoire SARL (operator) 35.0%
Gulf Canada Resources
(through its subsidiary
Clyde Expro Plc) 35.0%
Gentry International
(Cote d'Ivoire) Inc 17.0%
T.C. Petroleum Inc 3.0%
La Societe Nationale
d'Operations Petrolieres
de la Cote d'Ivoire 10.0%
The new focus in offshore West Africa is in the deep water exploration where, of 55 wells drilled, 11 commercial discoveries have been made. This approximately doubles the success rate for similar water depths in the prolific Gulf of Mexico.
If anyone has any questions, please feel free to give me a call toll free in North America at 1 888 876 7197.
Thank You,
Bob Vukovich
Manager of Investor Relations
Gentry Resources Ltd. |
