In line with the Company's objective of expanding its portfolio, a bid of US $460,088 was placed on block (Cascade Prospect) by Entek Energy through a wholly owned subsidiary.
Based on a range of investigations including seismic and geological data collected and assessed by a Texas-based prospect research company, evaluation of the Cascade Prospect indicates an inferred resource estimated at 10 to 20 BCFE.
The Cascade Prospect is well placed for access to infrastructure, with a gas pipeline on the block, an oil pipeline six miles away and an oil & gas Platform with processing facilities in close proximity.
Entek is considering a number of options to derive value from this prospect, including seeking a farmin partner in order to minimize the risk associated with exploration drilling. Award of the lease to Entek is currently pending at the discretion of the Minerals Management Service.
"This new lease compliments our current portfolio of prospects and further strengthens Entek's exploration commitment in the Gulf of Mexico," said Chairman Russell Brimage.
With the commencement of production from the High Island 24-L block imminent, plus the recently expanded production income from the Company's SW Queensland holdings, Entek will have a substantial production income enabling it to further develop its interests.
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