As previously announced, Gulf Shores Resources Ltd. is paying US$75,000 and 15% of the cost of drilling, testing, completing and equipping a test well to earn a 10% interest in the 970 square kilometer (240,000 acre) Lytham & St. Annes project located in Quads 41 and 42 in the North Sea. The proposed location is seven kilometers south of the 41/5-1 gas discovery. 3D seismic coverage indicates that the block contains three potential hydrocarbon horizons. The well will be operated by Lundin Petroleum AB and is expected to commence drilling in Q3, 2007.
As previously announced, Gulf Shores Resources Ltd. has exercised its option to earn a 10% interest in the 72.5 square kilometer (approximately 18,000 acre) Ridgewood project located in Block 17a in Quad 12 in the North Sea by paying 15% of the cost of the first well. The proposed location is 35 kilometers northeast of the 170 million barrel Beatrice field and nine kilometers from the nearest proven Jurassic oil accumulation. Seismic coverage shows a structure containing two potential hydrocarbon bearing zones in the Jurassic. The project will be operated by Lundin Petroleum AB and is expected to commence drilling in Q3, 2007.
As previously announced, Gulf Shores Resources Ltd. is paying 20% of the cost of acquiring new 3-D seismic and 13.33% of the cost of drilling a test well to earn a 10% interest in a 422 square kilometer (approximately 104,000 acre) block located in Quad 30 in the North Sea. Recently acquired seismic indicates the block contains several Jurassic and Permian plays. A well drilled into one of the Jurassic plays logged oil but the well was abandoned due to insufficient zone thickness. 3-D seismic on the block indicates that the Jurassic thickens to the northwest of that well. Lundin Petroleum AB is the operator of this project.
Gulf Shores Resources Ltd. is currently negotiating with a major oil company to participate in a fifth project as part of its continuous active exploration program in the North Sea.
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