Hi Rick,
I have extracted the following excerpts from WML's PR today. The complete and unedited release can be accessed electronically through Canadian Corporate News website at www.cdn-news.com
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East Lost Hills, California
The Bellevue No 1-17 well at East Lost Hills was confirmed killed on Saturday, May 29, 1999. Heavy mud and cement were pumped through perforations into the No. 1-17 wellbore from a relief well which had been drilled to a depth of 16,668 feet. The Bellevue No. 1-17 well blew out on Nov. 23, 1998, and had been flowing natural gas, liquid hydrocarbons and water into containment facilities since December 1998.
The Bellevue No. 1-17 wellbore will be plugged back and abandoned. The relief well No. 1-17R will be used to sidetrack a replacement well into the targeted Temblor zone. It is estimated that drilling of the replacement well, which will be sidetracked from the relief wellbore at approximately 10,800 feet, will take approximately 75 days.
In early August the company anticipates spudding a step out well in the East Lost Hills feature. This well will be operated by Berkley Petroleum Corp. Significant design changes have been incorporated in this well plan to ensure that the wellbore is suitable for effective evaluation of zones encountered to total depth.
San Joaquin California Foldbelt Play
The results to date from the drilling at East Lost Hills have
prompted Westminster to expand its exploration efforts in the San
Joaquin Basin. The company has entered into a letter of intent
with Berkley Petroleum Corp. to participate in three additional
exploration prospects in the San Joaquin Basin of Southern
California. Participation in the project will involve a minimum
of three wells during 1999 and 2000.
The prospects have similar seismic characteristics and reserve
potentials to that of East Lost Hills. Berkley Petroleum Corp.
will operate the drilling of the new prospects.
Cal Canal Prospect
The first well is expected to spud in mid-June at the Cal Canal
Prospect which is located approximately ten miles southeast of the
East Lost Hills structure. Drilling time is expected to be
approximately 120 days. The reserve potential in the Temblor
Formation at Cal Canal is estimated to be 1.85 - 3.0 TCF.
Lucky Dog Prospect
The Lucky Dog Prospect is approximately two miles south of Cal
Canal. The seismic indicates closure at the Temblor level under
the shallower South Belridge oilfield. An offset well 1.5 miles
west shows good reservoir development in the Temblor formation.
The reserve potential in the Temblor formation at Lucky Dog is
estimated to be 6.3-11.1 TCF.
Pyramid Power Prospect
The Pyramid Power Prospect is approximately ten miles northwest of
East Lost Hills. The seismic indicates closure at Temblor level
and evidence of porosity and permeability in the Temblor formation
are found in a well located 1.5 miles to the southwest. The
reserve potential in the Temblor formation at Pyramid Power is
estimated to be 7.5-12.5 TCFE.
1999 Capital Expenditure Program
The company has revised its 1999 Capital Expenditure Program to
reflect the expanded exploration efforts in southern California.
Westminster forecasts spending $15.8 million for exploration
drilling, $16.8 million for development drilling, $1 million for
seismic acquisition and $5.9 million for land acquisition for a
total of $39.5 million. The Company will commit approximately
$9-10 mm over the next 12 months for exploration and development
of the four San Joaquin Basin prospects.
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Yep, it's obvious that WML is terribly disappointed with the first well at ELH !!! They are now trying desperately to make up for that dismal "failure" !! <gg>
What a great business.
Later,
grayhairs |
