CVL Resources Ltd - News Release
50% interest in petroleum permit acquired
CVL Resources Ltd CVL
Shares issued 36,700,000 Nov 11 close $0.28
Thu 12 Nov 98 News Release
Mr. Ian Rozier reports
The company, through its Australian subsidiary Tyers Investments Pty
Limited, in joint venture with Tyers Petroleum, has been awarded petroleum
exploration permit 38338 in New Zealand. The permit is between South Island
and North Island, New Zealand, and covers an area of 4,008.7 square
kilometres.
PEP 383338 has been issued for five years. The terms of the awarded
contract are as follows:
1. Within the first 12 months, the company will review existing
geological and geophysical data, reprocess existing seismic data
within the permit area and conduct an onshore gravity survey over
previously identified but untested leads and prospects;
2. Within 24 months acquire, process and interpret a minimum of 150
kilometres of seismic data, inclusive of 15km in the offshore portion
of the permit;
3. Within 36 months, drill one exploration well; and,
4. A royalty equal to 5 per cent of the net sales revenues from the
permit is payable to the Government of New Zealand.
New Zealand's East Coast basin has undergone minimal oil and gas
exploration. The recent discovery by Enerco New Zealand Limited and Westech
Energy Corporation (see news release in Stockwatch May 6, 1998) has
significantly enhanced the probability of future discoveries within the
East Coast basin. The acquired interest in this block in New Zealand's East
Coast basin is a major acquisition for the company and places CVL in a
strong position in an extremely prospective area.
CVL also has a 30 per cent interest in a joint venture with GEL Exploration
on PEP 38331 in the East Coast basin which covers an area of 407 square
kilometres and where two mapped anticlines are of sufficient size to host
200 mmstb oil fields. The joint venture has completed a regional seismic
survey and is planning additional infill seismic on PEP 38331.
CVL has extensive oil and gas interests in Queensland and New South Wales,
Australia and in New Zealand. Drilling of gas/condensate plays in the
Cypress block in ATP-549-P (East) in Queensland is expected to begin in the
near future.
(c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com
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