ubuntu

Eaglewood Energy Spuds Ubuntu-1 Well
DEC 13, 2010 - 09:00 ET

CALGARY, ALBERTA--(Marketwire - Dec. 13, 2010) - Eaglewood Energy Inc. ("Eaglewood") (TSX VENTURE:EWD) is pleased to report that it has begun drilling the Ubuntu-1 well on its PPL 259 license in the Western Province of Papua New Guinea. Eaglewood is the operator of the well which is expected to be drilled to a total depth of 3,600 meters and take approximately 60 days to drill. The Ubuntu prospect is contained in two of the graticular blocks in PPL 259 and Eaglewood holds 40% of the Ubuntu prospect with Talisman Niugini Ltd (50%) and Mega Fortune International (10%). Eaglewood (90%) and Mega Fortune International (10%) hold the remaining 66 graticular blocks of the PPL 259 license.

CEO Brad Hurtubise commented "We are glad to finally be drilling and are hopeful a discovery at Ubuntu will begin the first stage of the commercialisation program for our PPL 259 license".



JAN 5, 2011 - 13:01 ET

CALGARY, ALBERTA--(Marketwire - Jan. 5, 2011) - Eaglewood Energy Inc. ("Eaglewood") (TSX VENTURE:EWD) announced today that as at 16:00 hrs (GMT +10hrs) the Ubuntu-1 well was drilling ahead in 12 " hole at 1920 metres, after having successfully drilled and cased 17 " hole to 1336 metres. The Ubuntu-1 well is expected to reach total depth of approximately 3600 metres in early February.

Over the course of the next week, the anticipated operations will be to drill the remainder of the 12 " hole to the base of the Darai Limestone at approximately 2425 metres, and set the 9 5/8" casing.

The Ubuntu-1 well is located on Petroleum Prospecting License 259, approximately 17 kilometres east of the Ketu and Elevala gas condensate discoveries in Papua New Guinea. Eaglewood holds a 40 percent participating interest in the Ubuntu Area of Petroleum Prospecting License 259.


PPL 259 is located in the Fly Platform of the Papuan Foreland Basin and the Papuan Fold Belt of Papua New Guinea. PPL 259 covers an area of approximately 1.4 million acres. The area is sparsely populated and access is limited. There is an airport and port facilities in Kiunga and a good road that passes north through PPL 259.

The Ketu, Elevala and Stanley gas condensate fields are within the confines of PPL 259 but are not part of the license. However, the presence of proved gas condensate fields contiguous to PPL 259 leads to the potential for similar discoveries within the license area. Existing seismic coverage over the license area is extensive, has been fully reprocessed and interpreted, and has led to the identification of several quality prospects.