PROPERTY ACQUISITION / Courage Announces New U.K. Onshore Licenses
TSE SYMBOL: CEO
FEBRUARY 26, 1998
CALGARY, ALBERTA--COURAGE ENERGY INC. (TSE - CEO) has been awarded
six new oil and gas licenses in the 8th Landlord Licensing round
in the United Kingdom. The new licenses are located in the East
Midlands basin and compliment prior licenses acquired by Courage.
The new license awards are:
/T/
BLOCK OPERATOR COURAGE INTEREST
(Percent)
1. SE 90 AltaQuest 50
2. SK 69, SK 79 AltaQuest 50
3. SK 99, TF 09 AltaQuest 50
4. SE 81 AltaQuest 50
5. SK 97 Cirque 20
6. SK 87, SK 88 Cirque 22.5
/T/
The new license awards represent approximately 162,000 gross
(65,000 net) acres, and combined with prior licenses, Courage will
have an interest in approximately 408,000 gross (129,000 net)
acres of exploration rights in the East Midlands basin. Courage
and partners intend to shoot 135 kilometers of 2-D seismic over
the new licenses as soon as possible where several exploration
prospects have already been identified.
An update in other U.K. activities - Courage and its partners
continue to production test its recently announced oil discovery
at Fiskerton. The discovery well (Courage 17.5 percent BPO, 10.5
percent APO) is flowing oil at stabilized rates and plans are
underway to pipeline connect the well into the Welton battery
facilities 2 miles to the north. A 16 sq. km 3-D seismic program
is being shot over the discovery and it is anticipated to drill an
initial 5 well development program commencing in the summer.
Contingent on the results, a continuing development drill program
would reach into 1999.
Adjoining the Fiskerton oil discovery, Courage and its partner
AltaQuest, have completed a seismic interpretation of the EXL 141,
PEDL 17 and PEDL 18 license blocks. A total of eight exploration
prospects have been identified with a similar structural style to
the known nearby oilfields. Courage needs to drill an earning
well and has contracted a rig to drill the first of these
prospects at a location called Newton. Scheduled operations are
for March, 1998 and the interests will be Courage 100 percent
before payout, 50 percent after payout. After the drilling of
this first well, all subsequent operations on these license blocks
will be operated by AltaQuest 50 percent, Courage 50 percent.
Additional delineation seismic will be shot during the summer and
it is anticipated to drill two more exploration prospects in the
4th quarter, 1998.
Courage Energy Inc. is a Canadian oil and natural gas company.
The principal business is the exploration, development and
production of oil and natural gas. The Company has 23,290,754
common shares issued and outstanding and are listed on the Toronto
Stock Exchange under the symbol "CEO". |
