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

To: Sapper who wrote (149)	12/8/1998 2:58:00 PM
From: rdww	Respond to of 196

does anyone know if ted carter still follows this stock and likes it?

To: Sapper who wrote (149)	12/15/1998 6:59:00 PM
From: Wai Lam	Read Replies (1) \| Respond to of 196

CVL Resources Ltd. 12/15/98 - Update of Drilling in Cypress Block CVL RESOURCES LTD ("CVL-V;CVREF-L") - Update of Drilling in Cypress Block - ATP 549-P (East), Queensland, Australia Mr. Ian Rozier, President of CVL Resources Ltd. reports that the gas drilling program in the Cypress Block of ATP-549-P (East) of Queensland, Australia, where CVL is earning a 40% interest, is continuing. Cypress No. 1 The Cypress No. 1 Well, located approximately 17km south of the Bunya gasfield reached a total depth of 2588m in Pre-Permian sediments on December 13th, 1998. Gas saturations were encountered on the mudlog and wireline logs in two sandstone intervals within the Patchawalla Formation. However, a drill stem test over one of these intervals (2404-2448m) did not recover significant hydrocarbons. A second lower zone within the Patchewalla is also interpreted to be gas saturated but is similarly lacking in permeability to allow the gas to be produceable. As the well failed to encounter significant moveable hydrocarbons within the Permian sections, it is being plugged and abandoned. Although not successful as a producing gas well, the results from the Cypress No. 1 Well are encouraging in that the target zones were gas charged with the necessary trap seal. Immediately upon release from Cypress No. 1 the rig will mobilize approximately 8km to the north-east to commence drilling the Thatch No. 1 exploration well. Thatch No. 1 Thatch No. 1 will be the second well in CVL's Cypress Block earn-in program. Thatch No. 1 is located approximately 6km west of the Thylungra No. 1 gas discovery which flowed 4.18 MMCFD of gas with 44 BPD of condensate from the Toolachee formation. The primary target zones in the Thatch No. 1 well are sandstones of the toolachee and Patchewalla formations. A further News Release will be made when the Thatch No. 1 Well is spudded. TEL: (604)685-6851