TSX Venture Exchange: LE
VANCOUVER, July 23 /CNW/ - Lariat Energy Ltd. (TSX.V: LE) has confirmed
today that Bridge Resources Corp. (TSX.V: BUK) and its wholly owned United
Kingdom subsidiary, Bridge North Sea (Central) Ltd. (both Bridge), have
executed agreements with BFW Capital Management Ltd. and its wholly owned U.K.
subsidiary, BFW Drilling Ltd. (both BFW) and Lariat Energy Ltd. and its wholly
owned UK subsidiary with respect to participation in the North Piper prospect.
The North Piper prospect is in the Central North Sea and is approximately
24 km northwest of the Piper Field and 30 km northwest of the Claymore Field.
The North Piper 15/11b-6 exploratory well will target the first target at the
North Piper prospect. The proposed spud date is on or around August 1, 2008.
Under the respective agreements, BFW and Lariat may each earn up to
25-per-cent working interest in licence P1291, comprising blocks 14/15b and
15/11b, by paying 37.5 per cent of the 15/11b-6 well cost up to a gross AFE
cost of 11,847,471 pounds sterling. Any costs above this amount, including
well testing, would be shared proportional to working interest. Bridge remains
operator of the licence.
The Jurassic Piper sands have produced over 1 billion bbl oil at the
Piper Field, located 24 km's northwest of the North Piper Prospect. Objectives
of the North Piper Well include:
- Primary target: Jurassic Piper sands at 7,000 feet
- Secondary target: Eocene-Upper Paleocene sands at 2,400 feet
- Secondary target: Lower Paleocene sands at 4,800 feet
The planned well depth is 7,700 feet. Well design includes an extra
string of shallow casing to facilitate evaluation of any pay in the
Eocene-Upper Paleocene sands.
ON BEHALF OF THE BOARD
TSX Venture Exchange has not reviewed and does not accept responsibility
for the adequacy or the accuracy of this release.
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