Cheniere Energy Inc. to Drill Initial Prospects.HOUSTON--(BUSINESS WIRE)--July 28, 1998--Cheniere Energy Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on SmallCap Market:CHEX CHEX Confined Helium Experiment CHEX Channel Expanded ) announced that it has exercised its option to acquire a 50% interest in an onshore on·shore adj. 1. Moving or directed toward the shore: an onshore wind. 2. Located on the shore: an onshore beacon; an onshore patrol. adv. prospect developed in the Company's West Cameron 3-D Exploration Program. The operator, Zydeco zydeco (zī`dĭkō'), American musical form originating among the African-American Creoles of Louisiana. Drawing on elements of traditional Cajun music as well as jazz, country and western, and blues, it is characterized by French lyrics, Exploration Inc. has advised Cheniere that, subject to rig availability, drilling is scheduled to commence in October 1998. The initial well on the prospect, with a proposed total depth of 12,500 feet, will test multiple objective sands that produce in nearby fields. The Cobra Prospect is located approximately two miles north of the West Cameron Block 17 field, which has produced over 1 Tcf of natural gas. It will be the first prospect that Cheniere and Zydeco will drill together as partners in the 3-D Exploration Program. Cheniere previously announced that it had acquired a 50% interest in an offshore prospect to be operated by IP Petroleum, which IP now expects to begin drilling during the August/September 1998 time frame. CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Walter Williams said, "Our drilling calendar is beginning to take shape. In addition to these two wells, Cheniere has assembled as·sem·ble v. as·sem·bled, as·sem·bling, as·sem·bles v.tr. 1. To bring or call together into a group or whole: assembled the jury. 2. two other offshore prospects which will be ready for drilling when industry partners are brought on board. With several other prospects currently in the lease assembly stage, we are very happy with the continuing progress of our exploration program." This news release includes forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that are based on assumptions which in the future may prove not to be accurate. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. Certain risks and uncertainties inherent in the Company's business are set forth in the Company's periodic reports that are filed with and available from the Securities and Exchange Commission. Houston-based Cheniere Energy Inc. is an independent oil and gas company focusing in the Transition Zone of Louisiana CODE, OF LOUISIANA. In 1822, Peter Derbigny, Edward Livingston, and Moreau Lislet, were selected by the legislature to revise and amend the civil code, and to add to it such laws still in force as were not included therein. . The Company relies extensively on the use of 3-D seismic technology in its exploration. It owns, in a program with one partner, a 228-square-mile proprietary 3-D project in Cameron Parish. Acquisition and processing of seismic data in the project has been completed. Interpretation and leasing are presently underway, and preparation for the commencement of drilling operations has begun.
CONTACT: Cheniere Energy Inc., Houston
Don A. Turkleson, 713/659-1361
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