Kestrel Energy Announces Drilling Commencement of Sage Prospect in Permit WA-254-P, Offshore Carnarvon Basin, Northwest Shelf, Australia
DENVER, March 18 /PRNewswire/ -- Kestrel Energy, Inc. (Nasdaq: KEST), an oil and gas exploration and production company, today announced that Apache Northwest Pty Ltd, the Operator of WA-254-P in Australia's offshore Carnarvon Basin, has commenced drilling of the Sage Prospect. The drilling date was moved forward because ocean swell conditions were hindering jack up/down operations of the ENSCO drilling rig at other locations in the basin. Drilling conditions are presently favorable in the Sage Prospect area.
The Sage-1 will be a 2272-meter deep well test of the Sage Prospect, a northeast-southwest trending four-way dip closure lying on the Legendre- Saffron Oil and Gas Field trend, located immediately updip of the Rosemary North No. 1 well, which had hydrocarbon shows in the target objectives on the downside of the Rosemary Fault. The Sage Prospect is interpreted from the 3D seismic to have the potential to contain a total of up to 18 million barrels of oil in two objectives, if oil is present. Kestrel Energy holds a 3% interest in the Sage prospect.
Headquartered in Denver, Kestrel has producing properties in California, Louisiana, New Mexico, Oklahoma, Texas and Wyoming.
Statements made in this news release that are not historical facts may be forward looking statements. Actual results may differ materially from those projected in any forward looking statement. There are a number of important factors that could cause actual results to differ materially from those anticipated or estimated by any forward looking information. In addition, while the Company's current plans are to drill the wells or develop the properties cited herein at the times and in the manner described, various factors, including but not limited to actual drilling results, equipment availability or breakage, financial or other problems of the operators or co- venturers, could change those plans. A description of the risks and uncertainties which are generally attendant to Kestrel Energy and its industry and other factors which could affect the Company's financial results are included in the Company's report to the Securities and Exchange Commission on Form 10-K.
SOURCE Kestrel Energy, Inc.
CO: Kestrel Energy, Inc.
ST: Colorado
IN: OIL
SU:
03/18/99 08:31 EST prnewswire.com |
