Enterprise Development Announces Drilling of First International Exploratory Oil Well.CALGARY Calgary (kăl`gərē), city (1991 pop. 710,677), S Alta., Canada, at the confluence of the Bow and Elbow rivers. The largest city in Alberta and the fastest-growing major city in Canada, Calgary is a corporate, transportation, and financial , ALBERTA--(BUSINESS WIRE)--Sept. 16, 1996--ENTERPRISE DEVELOPMENT (Alberta Stock Exchange Alberta Stock Exchange See Canadian Venture Exchange (CDNX). : ED) ENTERPRISE DEVELOPMENT CORPORATION announced today that it has participated in the drilling of its first international exploratory oil well. The well, Livet-1, was drilled in permit WA-226-P, offshore Western Australia Western Australia, state (1991 pop. 1,409,965), 975,920 sq mi (2,527,633 sq km), Australia, comprising the entire western part of the continent. It is bounded on the N, W, and S by the Indian Ocean. Perth is the capital. . The operator is Seafield Seafield may refer to one of several places in Scotland:
London marketplace for securities. It was formed in 1773 by a group of stockbrokers who had been doing business informally in local coffeehouses. . Although not a commercial discovery, the well encountered a residual oil residual oil n. The low-grade oil products that remain after the distillation of petroleum, used in adhesives, roofing compounds, and asphalt manufacture. Noun 1. column in Permo-Triassic sandstones. This confirmation of the presence of sandstone sandstone, sedimentary rock formed by the cementing together of grains of sand. The usual cementing material in sandstone is calcium carbonate, iron oxides, or silica, and the hardness of sandstone varies according to the character of the cementing material; quartz reservoirs and mature oil-prone source rocks in the area, significantly upgrades the prospectivity of the northern part of the Abrolhos sub-basin, which underlies approximately 25 per cent of the permit. The total permit area amounts to 7,600 sq. kms, or 1.87 million acres. Enterprise has earned 196,350 net acres under the farmout. Livet-1 lies approximately 250 km north west of Geraldton and 100 km from the coast. Water depth at the well site is 213 metres. The well was drilled in late August - early September using the semi-submersible rig, Ocean Epoch. Total depth of the well was 1760 metres. Enterprise holds a 10.5 percent working interest in Permit WA-226-P. The operator, Seafield Resources, holds a 42.25 percent working interest. Two other industry participants hold the remaining 47.25 percent working interest. Mr. John Raitt, Chairman of Seafield advised Enterprise that "The well results suggest that oil was originally trapped in the Livet structure but subsequently leaked out when one of the bounding faults was reactivated. The implications are encouraging for the nearby structures which do not have any young faulting. These prospects are already defined by seismic data and will be the focus of ongoing exploration in the area." -0- The Alberta Stock Exchange has neither approved nor disapproved of the information contained herein. CONTACT: Enterprise Development Corporation Garry Kilbourn (403) 237-6950 or Larry Wagar (403) 237-6950 or John Pipe (416) 340-2756 |
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