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Gulf Shores Resources has agreed with the operators' proposal to plug and abandon the 41/10a-2Z after the well encountered sub-economic gas reserves. The Lytham prospect is located in block 41/10a, production license P1129, located in the southern sector of the United Kingdom Continental Shelf. Gulf Shores participated for a 15% paying interest to retain a 10% interest in production license P1129.
Partners are Lundin Petroleum (operator), Challenger Minerals (North Sea) Limited, Palace Exploration Company (E&P) Limited and Britcana Energy Ltd. with Monarch Energy Limited and Eternal Energy Limited.
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 17 b 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. Lundin Petroleum AB is the operator and has contracted the Global SantaFe Galaxy II jack up rig to drill this project in October 2007.
Also 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 also the operator of this project.
Gulf Shores Resources Ltd. is currently negotiating with a major international oil company to participate in an additional project as part of its continuous active exploration program in the North Sea and continues to review other North Sea exploration projects.
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