Offshore Longtom 3 Well Flows at Approximately 30 Million Cubic Feet of Gas per Day on International TME Resources Inc. ORRI.DALLAS -- International TME See Tivoli Systems Management Software. Resources Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). :ITME ITME International Textile Machinery Exhibition (India) - News) is pleased to report that the operator of VIC-P54 states that the 1st production test on the Longtom 3 well over the upper sands (400 reservoir sands) has been achieved. The well was opened up at an initial flow rate of 30 Million cubic feet of gas per day before being choked back to achieve a stabilized rate. The well was flowing at 23 Million cubic feet of gas per day through a 1" choke with a flowing well head pressure of 1200 psi. The Upper Sands that did not flow test in the previous Longtom 2 well. The Longtom 3 well is being tested over the 400 reservoir sand interval; this is the same sand interval in which gas flow was not achieved in the Longtom 2 well. The results from this test in the Longtom 3 are extremely positive as they confirm the flow potential of the 400 reservoir sand in the Longtom Gas Field, addressing a major concern leading up to the drilling of the Longtom 3 well. A gas flow was not achieved in the 2nd test of the Longtom 2 well, a test that the operator had interpreted to have failed due to down hole mechanical problem. After completion of this test the 400 reservoir sand interval will be isolated and the well prepared for a combined test of the lower sands 100, 200 & 300 reservoir sands completed predominantly in the horizontal section of the well. Following the testing of the lower reservoir sands the Longtom 3 well will be suspended as a future gas producer. The results of the second test are expected to be available over the next week. The Longtom-3 H (Horizontal) well reached a total measured depth of approximately 15,335 feet. The well intersected a total of 3,379 feet of gross gas reservoir gas reservoir In geology, a naturally occurring storage area, characteristically a folded rock formation, that traps and holds natural gas. The reservoir rock must be permeable and porous to contain the gas, and it has to be capped by impervious rock in order to form an on the block. Planned future well operations are to complete and flow test both the upper and lower gas sands to confirm their productivity. The operator of VIC/P54 is confident that Longtom will proceed to full field development. The operator believes that the Longtom 3 well has helped to define a substantial reserves base and a full field development decision is likely to be made by late 2006. It is expected reserves base will continue to be further enhanced by the drilling of a second Longtom development well planned for late 2007. The Longtom 3 well is located in VIC/P54 on TME's ORRI ORRI Overriding Royalty Interest ORRI Orthorectified Radar Image ORRI Orlando Regional Rehabilitation Institute (Orlando, FL) , which consists of 155,676 gross acres located offshore Australia in the Gippsland Basin. The well is being drilled utilizing the Ocean Patriot drilling rig. The operator of VIC/P54 has signed the Longtom Gas Sales and Toll Processing Agreement with Santos. The agreement will enable the operator of VIC/P54 to process and sell up to 350 BCF BCF Billion Cubic Feet BCF Bioconcentration Factor BCF British Chess Federation BCF British Coatings Federation BCF Breast Cancer Fund BCF Bank Credit Facility BCF Bulked Continuous Filament BCF British Cycling Federation BCF Boeing Converted Freighter of gas over 12 years (with an option for additional 91 BCF of gas) from the Longtom Gas Field located in Bass Strait Bass Strait (băs), channel, 80 to 150 mi (129–241 km) wide, between Tasmania and Victoria, SE Australia, connecting the Indian Ocean and Tasman Sea; Port Phillip Bay and Melbourne are on the northwest coast. on TME's ORRI. . About TME: The company has royalty interests royalty interest The proportional ownership interest by the owner of oil and gas rights in income produced by the asset. See also overriding royalty interest. in more than 4,651,695 acres located in two world-class petroleum basins in Australia, the Cooper-Eromanga Basin and the Gippsland Basin. Substantial holdings have been acquired in two world-class petroleum basins. The Cooper-Eromanga Basin (Onshore) located in the state of South Australia South Australia, state (1991 pop. 1,236,623), 380,070 sq mi (984,381 sq km), S central Australia. It is bounded on the S by the Indian Ocean. Kangaroo Island and many smaller islands off the south coast are included in the state. and the Gippsland Basin (Offshore) located in the Bass Straits and offshore to the State of Victoria. Offshore The Company has acquired royalty holdings in 370,572 acres in the Gippsland Basin. This Basin contains some of the largest fields in the world and wells that are world record Producers. One well in the Halibut halibut: see flatfish. halibut Any of various flatfishes, especially the Atlantic and Pacific halibuts (genus Hippoglossus, family Pleuronectidae), both of which have eyes and colour on the right side. Field has produced 60 million bbls. of oil -- a world record. Many TCF See Trenton Computer Festival. of natural gas have been produced from fields in this Basin. Onshore The Company has acquired royalty and working interest holdings in 4,281,123 acres in the Cooper-Eromanga Basin. To date, this Basin has produced a total of 11 Trillion cubic feet of natural gas and 450 million barrels of oil have been discovered. Since the first gas discovery in 1963, a total of 123 gas fields and 58 oil fields This list of oil fields includes major fields of the past and present. The list is incomplete; there are more than 40,000 oil and gas fields of all sizes in the world[1]. have been discovered. Texas ITME has entered into a joint venture to develop a heavy oil and natural gas project in southwest Texas. A total of 17,000 acres, more or less have been acquired in the prospect MEGA WEST AREA.
For the Board
Allen White, President
International TME Resources Inc.
6370 L.B.J. FRWY. Suite 174
Dallas, TX 75240
972-458-7013
Symbol: ITME
Web: www.tmeresources.com
This document contains 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. within the meaning of Section 21 E of the Securities and Exchange Act of 1934, as amended. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, actual results may differ for reasons that include but are not limited to political and economic conditions in the countries in which the Company does or intends to do business, regulatory action, product pricing, change in drilling schedules and competitive market conditions. These forward-looking statements represent the Company's best judgment at the date of this document and any changes in assumptions or external factors could produce significantly different results. |
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