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 : Fortune Petroleum (FPX) -- Ignore unavailable to you. Want to Upgrade?

To: TD who wrote (218)	8/10/1998 8:18:00 PM
From: Joseph T. Worley	Read Replies (1) \| Respond to of 275

TD, Talked to JC today. Here are my notes: 1. Thirteen permits have been pulled at Espiritu Santo Bay. Two rigs are ready to go. Spudding will occur on 8/15/98. 2. Eleven of the thirteen sites are fairly shallow targets in the range of 6300 ft. They will average approximately 20 days to drill. 3. These shallow sites could average 7.7 BCF. These sands are the type that will probably not provide longer term reserves, but they will tend to flow more quickly. A well that provides longer term reserves may flow for 6-8 years. These sands may only flow for 3-4 years. 4. Once the drilling begins on 8/15/98 there will be continuous drilling at Santo Bay through the remainder of the year. 5. The other two sites at Santo Bay are deeper prospects. They plan to go after one of the deeper sites fairly soon. The target for that site is 10,700 ft. Drilling will take approximately 45 days. 6. The second deep site has a target of 13,500 ft. Drilling will take approximately 75 days. They plan to spud this well around 10/15/98. This well will test one of the four major structures that lies underneath Santo Bay. This well could provide reserves in the ballpark of 85 BCF. 7. Drilling continues at La Rosa. I got the impression they have seen mixed results there. One of the first two wells is capable of producing a small flow and they had some luck with one other site. They are currently finishing the 5th well and some news will be released soon, probably within the next 10 days. 8. A well is also set to spud within the next ten days or so at Whiskey Pass. The target on this well is 4500 ft. Drilling should take approximately 7 days. It could provide as much as 16 BCF. It sounds like they will be ready to crank up two rigs at Santo Bay by the end of the week. Hopefully, the anticipation of the drilling activity will breathe some life into the stock price. FPX has a lot riding on Santo Bay. I think we'll get a pretty good sense of the potential for this site by Halloween or maybe Thanksgiving. Good luck to us all. Joe