Courage Energy Inc. Announces Farmin on 6 Onshore Licenses in the United Kingdom.CALGARY, Alberta--(BUSINESS WIRE)--May 30, 1997--Courage(TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). 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. . ) COURAGE ENERGY INC inc - /ink/ increment, i.e. increase by one. Especially used by assembly programmers, as many assembly languages have an "inc" mnemonic. Antonym: dec. . (TSE - CEO) announces that it has negotiated the farmin on six onshore petroleum and natural gas licenses in the United Kingdom. The farmin is a two part agreement. In the first three licenses, EXL 142, EXL 294 and PEDL PEDL Petroleum Exploration and Development License PEDL Prototype Equipment Development Laboratory 19, Courage will participate with a 17.5 percent working interest before payout, and a 10.5 percent working interest after payout in the drilling of an exploration test well at Fiskerton, U.K. By participating in the drilling of the test well, Courage will also earn 149,928 (15,742 net) acres of undeveloped lands with 2 additional prospects identified. The Fiskerton prospect is approximately 1.5 miles south of the producing Welton field. The operator at Welton has recently developed a third producing horizon, the field is forecast to produce 4,400 BOPD BOPD Barrels of Oil Per Day BOPD Bataan Ocean Petroleum Depot in 1997 and contains approximately 20 million bbls recoverable oil. In the remaining three licenses, EXL 141, PEDL 18, PEDL 17, Courage will shoot a 21 km seismic survey with the option to commit to drill an exploration test well within six months. Courage's interest would be 100 percent before payout and 50 percent after payout and would earn an interest in 96,152 (48,076 net) acres of undeveloped land. There are seven additional prospects identified on this block of land. Offset oilfields all within 1 mile of the license area are Eakring at 6.5 million bbls, Egmanton at 5.1 million bbls and Bothamsall at 3.0 million bbls. The seismic program is underway and Courage expects the Fiskerton well to be drilled in August, 1997. The capital requirement for this program, net to Courage, during the next 12 months is budgeted at $1 Million CDN (Content Delivery Network) A system of distributed content on a large intranet or the public Internet in which copies of content are replicated and cached throughout the network. and will be financed by existing cash flow. Courage Energy Inc. is a Canadian oil and natural gas company. The principal business is the exploration, development and production of oil and natural gas. The common shares of Courage are listed on the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. under the symbol "CEO". CONTACT: Courage Energy Inc. R.G. Moffat, 403/266-4422 FAX: 403/264-1028 |
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