As previously announced Patch has earned in to participate in the second drill program on the adjacent property to their producing McLeod 10-20 oil well as a result of participation in the first McLeod well. The operator plans to spud the new well (9-20) at the McLeod project to test the Middle Ellerslie and Basal Belly River zones encountered in the McLeod 2-20 well. The operator is very optimistic that the 10-20 well is anticipated to encounter the optimum Middle Ellerslie beach reservoir and that it could also extend the Basal Belly River channel reservoir from the 2-20 well.
Commenting on the news, David Stadnyk, PTII President & CEO said, "With the success from the first McLeod well we are confident that the second well will result in continued growth to our monthly revenues. We anticipate that the second well will result in both oil and gas production. Further, PTII has begun the process of selling up to 35% of its 11.2 million shares in Pharmaxis and moving forward, PTII intends to use a portion of its growing company treasury to participate in more substantial oil and gas projects."
About Patch International
PTII is a junior oil and gas producer that currently earns oil revenue from 19 oil wells. These wells provide the company with short-term and long- term cash flow. This cash flow is expected to increase in the very near future because the McLeod 10-20 well is now in full production. PTII has properties in North America, and is exploring opportunities in North Africa, South America, and Ukraine. PTII has begun a program to sell up to 3,920,000 (35%) of its 11.2 million shares investment in Pharmaxis (Australian Stock Exchange: PXS, NASDAQ NM: PXSL). 5.6 million shares of its Pharmaxis shares or the net proceeds of the sale of those shares, both after taxes and costs, have been declared as a dividend to shareholders of record as at July 30, 2004, subject to regulatory approval.
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