SHARES OUTSTANDING: 96 MILLION
SYMBOL & EXCHANGE: FGT-V
MONTREAL, Aug. 21 /CNW Telbec/ - Forest Gate Resources Inc. today
announced that it has commenced drilling on its Hook Head appraisal well,
located in Standard Exploration Licence 2/07 in the North Celtic Sea Basin.
Using the Petrolia semi-submersible rig, drilling operations on the 50/11-3
well commenced at approximately 20:45 on Friday, August 17th and are expected
to last 50 days.(*)
The Hook Head structure is a large anticline that was first drilled in
1971 by Marathon. The IRL 50/11-1 well discovered hydrocarbons in five
sandstone units within the Lower Cretaceous. The well was not flow-tested due
to severe operational issues at the time.
The IRL 50/11-2 discovery well, drilled by Marathon in 1975, was a
delineation well at the down-dip edge of the structure. Post-drill mapping by
Marathon indicates that the crest of the structure is located to the
north-east of the IRL50/11-1 discovery well. This mapping is further supported
by the seismic data acquired by Providence in 2006.
"We are very pleased that the drilling is now underway," said
Michael Judson, President of Forest Gate. "This is a very exciting time for
Forest Gate and our consortium partners."
Partners in the Hook Head well are:
Providence Resources Plc (Operator) 40%
Challenger Minerals (Celtic Sea) Limited 15%
Dyas BV 15%
Forest Gate Resources Inc. 15%
Atlantic Petroleum (Ireland) Limited 10%
Sosina Exploration Limited (*)(*) 5%
In other corporate news, Robert Kramberger, Vice-President, Investor
Relations has been granted 200,000 incentive stock options exercisable at
$0.15 with an expiry date of August 16, 2012. There will be a four-month hold
period expiring on December 17, 2007.
(*) This includes a provision for comprehensive wireline logging and
(*)(*) Farm in subject to Ministerial Consent
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 discussion of items that may constitute
forward-looking statements within the meaning of securities laws that involve
risks and uncertainties. Although the company believes the expectations
reflected in such forward-looking statements are based on reasonable
assumptions, it can give no assurances that its expectations will be achieved.
Factors that could cause actual results to differ materially from expectations
include the effects of general economic conditions, actions by government
authorities, uncertainties associated with contract negotiations, additional
financing requirements, market acceptance of the Company's products and
competitive pressures. These factors and others are more fully discussed in
Company filings with Canadian securities regulatory authorities.
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: Angela Colizza, Investor Relations Manager,
1-866-666-3040, email@example.com, www.forestgate.ca