Denison News Release...
Subject:
Stockwatch: Denison Mines Ltd - In the News
Date:
Wed, 15 Apr 1998 05:39:50 -0700
From:
newsout@canada-stockwatch.com
Globe says Greek venture will close if no oil and gas found offshore
Denison Mines Ltd DEN
Shares issued 317,871,201 Apr 14 close $0.315
Wed 15 Apr 98 In the News
The Globe and Mail reports in its Wednesday, April 15, edition that Denison
Mines and its partners are embarking on a significant oil and gas
exploration program in Greece, the firm told shareholders at the annual
meeting. The Globe's Allan Robinson writes that Denison says if oil is not
discovered the Prinos field will be closed. In case the new exploration
venture proves unsuccessful, Denison has made a $33 million provision on
its balance sheet as its share of the future cost of decommissioning its
Greek oil fields, and for employee severance costs. The oil and gas joint
venture is reviewing a number of options for decommissioning the
facilities, which include two offshore platforms, although no plan has been
submitted to the Greek government for approval, Denison says. If oil is
discovered, the cost of developing the new discovery, including five or six
production wells, would only be US$50 million because the infrastructure is
already in place. Denison estimates the overall cost of production at about
$4 a barrel.
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