Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Vulcan Minerals - C.VUL -- Ignore unavailable to you. Want to Upgrade?

To: jerry janko who wrote (387)	10/15/2000 1:30:47 PM
From: Len Hynes	Read Replies (3) \| Respond to of 415

Hi jerry; A couple of key points further to Vulcan's press release of 10/11/00 that may help put things in perspective: 1.Vulcan now has a 100% working interest in the Flat Bay permit after completing the acquisition of London Resources...this would serve to make matters less complex in the event of a joint venture to conduct further exploration.With the current strength in the price of oil, and the continuing focus of major oil companies on the hydrocarbon potential of Newfoundland, I am very optimistic these factors, in combination with others, will enable Vulcan to land a JV deal on this permit. 2.A private US company named American Reserve is currently conducting a multi-well drill program in the St. Georges Basin adjacent to Vulcan's Flat bay permit.It is my contention that private companies only spend cold-hard-cash in exploration when then level of risk is cut to the bone. We an be sure that Vulcan's significant oil shows in their first two wells at Flat Bay, was a contributing factor to American Reserves decision to drill their property(tens of meters away). 3.While attending Vulcan's AGM this past June, I had the opportunity to listen to Mr. Pat Laracy's presentation on the company's West Coast prospects.He was very encouraged and excited with the results of Vulcan's first two test wells on their Flat Bay permit.The planned well for the next round of drilling on the seismic structure 4km. from well #2 will be 1000 meters deep and will test three seismic targets...in other words three zones in the one well.From what I recall, the first two targets together represent approx. 20 million barrel potential.....with the third target believed to be the deeper Ordivician structure that Hunt Oil and Pan Canadian intersected in 1994 and became known as the Port au Port discovery.....hence, the reason for Vulcan shareholders to be excited and optimistic with the enormous potential here.Professor Elliot Burden of Memorial University states "the structure that Vulcan is talking about drilling now is a target I've always found interesting....I've seen it on geological maps for 20 years now." 4.At a time when major oil companies are jockeying for prime offshore oil acreage on Newfoundland's offshore, Vulcan Minerals is in the enviable position of being the largest landholder in the entire Nfld. offshore, including Western Newfoundland and the Grand Banks area.Vulcan holds three offshore petroleum parcels totalling 1.2 million acres 5. Look for attention to shift to the province's West Coast with the exploration currently underway by American Reserve, continued exploration in the Deer Lake basin by a nother private company, and oil production by Imperial Ventures in early 2001( from the recently acquired Port au Port discovery well that was drilled by Hunt in 1994).Vulcan has committed to drilling a multi-well program on their Flat Bay permit in early 2001.Further drilling success in this area will be the catalyist that brings the oil giants to the area in a big way. I expect to see some interesting and exciting developments coming out of Newfoundland's West Coast in the coming months.