Shares outstanding: 142 Million
SYMBOL & EXCHANGE: FGT-V
MONTREAL, Aug. 27 /CNW Telbec/ - Forest Gate Resources Inc. (the
"Company") announces today that they and their Celtic Sea consortium partners
have concluded the appraisal drilling operation on the north-west flank of the
Hook Head oil discovery in Standard Exploration Licence 2/07 in the North
Celtic Sea Basin, offshore southern Ireland.
The Hook Head appraisal well (50/11-4) was drilled on the north-west
flank of the Hook Head structure using the Transocean semi-submersible GSF
Arctic II rig and was spudded on August 5th, 2008. The partners are now
preparing to commence drilling operations on their nearby Dunmore oil
The well was successfully drilled to a total depth (TD) of 4,875 feet
true vertical depth subsea (TVDSS). All geological horizons in the Wealden
sand package were within the pre-drill depth prognosis and oil and gas shows
were encountered whilst drilling. The well encountered 30 feet of net
hydrocarbon bearing Lower Cretaceous sands above the primary objective, which
is of an equivalent age to those logged as being hydrocarbon bearing in the
50/11-3 well, located c. 2.3 km to the south-east. Reservoir quality across
these intervals was excellent with average porosities of c. 27%.
This well constitutes the fourth well to be drilled on the Hook Head
structure, all of which have logged hydrocarbons. However, given that the net
hydrocarbon bearing intervals in the 50/11-4 well were substantially less than
that which was expected in the pre-drill estimates, the partners took the
decision to plug and abandon the 50/11-4 well.
The initial well results suggest that the majority of the Hook Head
resource lies in the central part of the structure already demonstrated by the
50/11-1 and 50/11-3 wells, however, the north-west flank could potentially
provide additional incremental resources for any future development in the
The 50/11-4 well results will now be integrated into the Hook Head full
field model before finalizing forward plans for the accumulation. In the
meantime, and as per program, the partners have now started the process to
move off Hook Head and mobilize the Arctic II drilling unit to the Dunmore oil
appraisal well (50/6-D), located approximately 20 kilometers to the north of
Hook Head. Drilling on Dunmore is expected to commence within 10 days.
About the Company
Forest Gate Resources Inc. is an international oil & gas exploration
company. The Company is seeking to increase shareholder value through
participation and development of oil & gas exploration and production projects
in Ireland and Canada. The Company's shares trade under the symbol FGT on the
TSX Venture Exchange.
This news release contains certain forward-looking statements, including
statements regarding the business and anticipated financial performance of the
Company. These statements are subject to a number of risks and uncertainties.
Actual results may differ materially from results contemplated by the
forward-looking statements. When relying on forward-looking statements to make
decisions, investors and others should carefully consider the foregoing
factors and other uncertainties and should not place undue reliance on such
forward-looking statements. The Company does not undertake to update any
forward looking statements, oral or written, made by itself or on its behalf.
The TSX Venture Exchange has not reviewed nor does it accept
responsibility for the adequacy or accuracy of this news release.
For further information:
For further information: Robert Kramberger, V-P, Investor Relations,
1-866-666-3040, firstname.lastname@example.org, www.forestgate.ca