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Gold/Mining/Energy : Nevtah/Tower Oil Intl.- NTAH
NTAH 0.00400-60.0%Jul 24 5:00 PM EST
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To: Just My Opinion who wrote (2326)7/16/1998 4:04:00 PM
From: Ditchdigger  Read Replies (1) of 3817
 
al,as of 3:50,I can give you some additional info(just got off the phone with the geologist at Tower Resources) They own the rights to purchase the pipeline,payments are to be made from the gas production.
As far as the Texas railroad commision is concerned-they own the line(hey I'm honest-he said it was one of "those Texas deals"<vbg>). The island, is just that, water locked,no bridges etc. So costs associated with drilling will be expensive-similar to offshore. Rigs,men and materials will have to come by barge and "boards" will have to be laid to drive on and for transporting rig etc. Apparently they can only leave minimal environmental impact on the island. There are three wells drilled and sanded,and the possibility of re-entering one-there were completion problems, thus the sanding up. One had test production numbers of 20m and another was 8M (I think-typing from memory)If I remember more, I'll let you know
It might be interesting to find out if they are paying a tax to Texas,since Matagorda is in Texas. They may be paying tax on the original reserve estimates(if there were any-I don't know) DD
You should give them a call-they sound like "oilmen"..;^)
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