GALLIC ENERGY LTD. (TSX Venture Exchange: GLE.A)
CALGARY, Oct. 9 /CNW/ - Gallic Energy Ltd. ("Gallic" or the "Company")
(formerly Exceed Capital Holdings Ltd.) and its partners have decided to plug
and abandon the Bhayra Rigo No. 1 well after drilling to a total depth at 1739
meters. The well was drilled from 1126 meters to total depth with continued
loss of circulation and therefore no drilling samples were recovered over the
interval. Three cores were cut in order to gather information on the interval.
Core no. 1 was obtained from 1306 to 1312.5 meters, core no. 2 from 1602 to
1611 meters and core no. 3 from 1730 to 1739 meters. Whilst the cores did show
good intercrystalline, vuggy and fractured porosity in dolomitized carbonates,
there was no evidence of hydrocarbons.
The log results and other data gathered will be reviewed to further
assess the potential of several Permian structures within the Jorf exploration
Gallic continues to take the necessary steps to build its portfolio of
oil and gas prospects in Western Europe and Australia. The Company's objective
is to build an inventory of significant oil and gas prospects with varying
risk profiles in politically and economically stable jurisdictions.
The common shares of Gallic are listed on the TSX Venture Exchange under
the symbol GLE.A. There are 135,094,982 shares issued and outstanding.
This press release contains forward-looking statements and the reader is
cautioned not to place undue reliance on these statements, as there can be no
assurance that the plans, intentions or expectation upon which they are based
will occur. By their nature, forward-looking statements involve numerous
assumptions, known and unknown risks and uncertainties, both general and
specific, that contribute to the possibility that the predications, forecasts,
projections and other forward-looking statements will not occur or that actual
results would differ materially from estimated or implied results. Additional
information on these and other factors that could affect Gallic's operations
and/or financial results are included in Gallic's reports on file with
Canadian securities regulatory authorities. Gallic does not assume any
obligation to update these forward-looking statements, except as required by
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
For further information:
For further information: Mr. Richard W. DeVries, President, Tel: (718)
874-8319, Fax: (403) 770-8810