FIELD ACTIVITIES / Gentry sell Ivory Coast holding
GENTRY RESOURCES LTD.
CALGARY, July 29 /CNW/ - Gentry Resources Ltd. (''Gentry'') has entered
into a Letter Agreement with a senior Canadian oil and gas producer whereby
Gentry has agreed to the conditional sale of a 15% working interest in the two
deep water offshore exploration blocks, CI-101 and CI-103, in C“te d'Ivoire.
The sale would be effective May 1, 1998 and requires the Government of C“te
d'Ivoire approval to close. Proceeds of (CDN) $2,500,000 from the sale will
be applied to the existing bank debt, significantly strengthening the
Company's Balance Sheet.
Gentry will be concentrating its C“te d'Ivoire efforts on its original
shallow offshore concession, Block CI-102. Gentry maintains an 11% interest
in this Block which encompasses 861 km(2). Gentry and its partners Ranger Oil,
Energy Africa and Gulf Canada are finalizing interpretation of a 1015 km 2-D
survey shot in March of this year. This survey was designed to further
delineate two lead prospects that had been identified from the reprocessing of
existing seismic.
Gentry and its partners will be meeting on July 31, 1998 to discuss
technical aspects of their interpretations and to begin preliminary
discussions on exploration programs for the second phase of the Production
Sharing Agreement (''PSA''). The CI-102 PSA calls for a well to be drilled
within the first 12 months of the commencement of Phase 2.
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For further information: Hugh Ross, President & CEO, (403) 264-6161,
Bob Vukovich, Corporate Relations, (888) 876-7197, Website:
gentryresources.com, Email: gentry@gentryresources.com
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