Printer Friendly

GARNET REVISES TESTING SCHEDULE FOR COLOMBIAN OIL DISCOVERIES

 GARNET REVISES TESTING SCHEDULE FOR COLOMBIAN OIL DISCOVERIES
 HOUSTON, Nov. 6 /PRNewswire/ -- Garnet Resources Corporation (NASDAQ: GARN) announced today that it now expects that testing of prospective oil sands in its Mary No. 2 and Victoria No. 1 wells in Colombia will not commence until December 1992, and also that it plans to start drilling the Toroyaco No. 3 development well in December.
 Garnet attributed the postponement to delays in obtaining approvals, permits and the necessary equipment to proceed with the construction of roads and a barge ferry crossing the Caqueta River. The roads and river crossing are required to transport a completion rig to the wells to conduct the testing program. Testing each of the two wells will require 30 to 45 days, with initial results not expected until January 1993.
 The Toroyaco No. 3 will be the third well in the Toroyaco field, and is expected to be on production by March 1993. Two other wells in the field and two wells in the nearby Linda field began producing in April 1992, with cumulative production to date totalling approximately 530,000 barrels.
 Garnet is engaged primarily in international oil and gas exploration activities. Its exploration and production operations in Colombia are conducted through its subsidiary Argosy Energy International.
 -0- 11/6/92
 /CONTACT: Albert E. Whitehead, chairman, 918-587-8093, or George M. Nevers, president, 713-759-1692, both of Garnet Resources Corporation/
 (GARN) CO: Garnet Resources Corporation ST: Texas IN: OIL SU:


TM-OS -- NY004 -- 8042 11/06/92 08:00 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 6, 1992
Words:250
Previous Article:WOMEN OF OLIVIA CREATE SENSATION IN GREECE; TOUR OF GREEK ISLANDS MAKES HEADLINES
Next Article:FOUR STORMS PACK THE SLOPES; TWO UTAH RESORTS OPEN FOR BUSINESS
Topics:


Related Articles
BP STEPS UP APPRAISAL OF COLOMBIAN FIELD
GARNET REPORTS COLOMBIA DRILLING RESULTS; SECOND PERMIT IN FRANCE
GARNET ANNOUNCES PRODUCTION START-UP AND NEW BLOCK IN COLOMBIA
GARNET ANNOUNCES OIL DISCOVERY AND DELINEATION, INCREASE IN RESERVES IN COLOMBIA
GARNET REPORTS EXPLORATORY RESULTS AND COMMENCES DEVELOPMENT PROGRAM
GARNET RESOURCES ANNOUNCES JOINT VENTURE IN SOUTHWESTERN TURKEY
GARNET DOUBLES OIL PRODUCTION AND STARTS WILDCAT DRILLING IN COLUMBIA
GARNET REPORTS THIRD QUARTER RESULTS
GARNET REPORTS ON COLOMBIAN ACTIVITY
GARNET REPORTS ON COLOMBIAN OPERATIONS

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters