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Gold/Mining/Energy : CVL Resources (CVL:VSE)
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To: Sapper who wrote (157)3/25/1999 8:56:00 PM
From: Sapper  Read Replies (1) of 196
 
News Release: CVL's Grandis No. 1 well encounters gas flow rates

CVL Resources Ltd CVL
Shares issued 37,247,500 Mar 24 close $0.15
Thu 25 Mar 99 News Release
Mr. Ian Rozier reports
Drill stem tests over the Toolachee formation in Grandis No. 1 well in
ATP-549P encountered gas flow rates up to 100,000 cubic feet per day, which
is too low to be economic.
The Grandis No. 1, approximately 25 kilometres northeast of the CoCos gas
field, was the third well in the three-well program drilled within the
Cypress subblock of ATP 549P. Participants were Australian Gasfields Ltd.
55 per cent, CVL Resources Ltd. 40 per cent and Strike Oil NL 5 per cent.
The primary objective of Grandis No. 1 was to test sandstones within the
Permian Toolachee and Patchawarra formations. The three-well program in ATP
549P has been characterized by the discovery of gas filled sandstones in
all three wells, but regrettably these formations lack adequate
permeability in the well locations to produce economic flow rates.
Management is extremely disappointed by the lack of success in the
gas-drilling program over the Cypress block in conjunction with Energy
Equity. The company will be re-evaluating its proposed oil and gas
exploration program in Queensland prior to any further drilling. The
company has recently been evaluating several low-risk exploration and
development opportunities within the oil and gas industry in Australia and
elsewhere.
Following the participation in three oil wells and three gas wells in
Australia during 1998 and 1998, CVL still retains $8-million cash in the
treasury and this will be used to evaluate and acquire other business
opportunities for the company.
(c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com
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