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Gold/Mining/Energy : CVL Resources (CVL:VSE) -- Ignore unavailable to you. Want to Upgrade?

To: Ed Ajootian who wrote (147)	11/13/1998 8:31:00 AM
From: Sapper	Read Replies (1) \| Respond to of 196

CVL Resources Ltd - News Release 50% interest in petroleum permit acquired CVL Resources Ltd CVL Shares issued 36,700,000 Nov 11 close $0.28 Thu 12 Nov 98 News Release Mr. Ian Rozier reports The company, through its Australian subsidiary Tyers Investments Pty Limited, in joint venture with Tyers Petroleum, has been awarded petroleum exploration permit 38338 in New Zealand. The permit is between South Island and North Island, New Zealand, and covers an area of 4,008.7 square kilometres. PEP 383338 has been issued for five years. The terms of the awarded contract are as follows: 1. Within the first 12 months, the company will review existing geological and geophysical data, reprocess existing seismic data within the permit area and conduct an onshore gravity survey over previously identified but untested leads and prospects; 2. Within 24 months acquire, process and interpret a minimum of 150 kilometres of seismic data, inclusive of 15km in the offshore portion of the permit; 3. Within 36 months, drill one exploration well; and, 4. A royalty equal to 5 per cent of the net sales revenues from the permit is payable to the Government of New Zealand. New Zealand's East Coast basin has undergone minimal oil and gas exploration. The recent discovery by Enerco New Zealand Limited and Westech Energy Corporation (see news release in Stockwatch May 6, 1998) has significantly enhanced the probability of future discoveries within the East Coast basin. The acquired interest in this block in New Zealand's East Coast basin is a major acquisition for the company and places CVL in a strong position in an extremely prospective area. CVL also has a 30 per cent interest in a joint venture with GEL Exploration on PEP 38331 in the East Coast basin which covers an area of 407 square kilometres and where two mapped anticlines are of sufficient size to host 200 mmstb oil fields. The joint venture has completed a regional seismic survey and is planning additional infill seismic on PEP 38331. CVL has extensive oil and gas interests in Queensland and New South Wales, Australia and in New Zealand. Drilling of gas/condensate plays in the Cypress block in ATP-549-P (East) in Queensland is expected to begin in the near future. (c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com