Farm-in JV with Shell would certainly change the dynamics a little!
Warm regards!
: )
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14th December, 2004 The Manager Company Announcements Office Australian Stock Exchange Limited FOR PUBLIC RELEASE Level 6 20 Bridge Street SYDNEY NSW 2000 Dear Sir, Re: Drillsearch Group - Ricinus Gas Discovery, Canada Drillsearch Energy Limited (“Drillsearch”) reports that its Canadian subsidiary, Circumpacific Energy Corporation (“Circumpacific”), is conducting a technical review of its Ricinus property following the announcement by Shell Canada and Mancal Energy on 8th December, 2004, of a major natural gas discovery at Ricinus in Central Alberta, Canada. The discovery is located 30 kms. south/west of the town of Rocky Mountain House. The leases were acquired by Circumpacific as part of its strategy to target deep gas in the Leduc and related zones. The discovery was reported in Canada as one of the most significant natural gas discoveries in the Western Canada basin in 20 years. The exploration well, designated, Shell Tay River Ricinus W-2-6-37-10-W5, tested 30 million cubic feet per day (“mmcfd”) of raw gas from a previously untested structure in the Leduc zone following re-interpretation of seismic data using new technology. Shell has estimated that the new pool could contain in the range of 500 to 800 BCF of original raw gas in place and is planning delineation drilling. Circumpacific holds 100% of a 1 sq. mile (section) lease 3 kms. north of the discovery well and a 1.25% gross royalty interest in a further 5 sq. miles of leases in joint venture with Shell Canada, one of which is 1.6 kms. to the north/east of the discovery well. Circumpacific is re-evaluating its options for its Ricinus land interests and is commencing re-interpretation of its existing 3D seismic database, which was acquired in joint venture with Shell Canada in 2001. Yours faithfully, DRILLSEARCH ENERGY LIMITED PHILIP F. KELSO MANAGING DIRECTOR
DLS Price at posting:
0.0¢ Sentiment: Hold Disclosure: Held
