Gulf Shores will pay 11.11% of the cost to drill and test the farmin well to earn 8.33% in License P.233 (Block 15/18a).
The license also includes two deeper Jurassic fallow discoveries. Additional technical work and new long offset 3D seismic is being proposed to further evaluate these discoveries and to mitigate technical risk on high-impact leads identified on the block.
It is currently planned to commence drilling the Maria well in the first quarter of 2008. Gulf Shores is fully funded for the cost of its participation in this well.
Upon fulfilling the terms of the farmin agreement working interests in License P.233 Block 15/18a will be, Petro-Canada (Operator - 25%), ENI UK Limited (50%), Gulf Shores Resources (8.33%), Monarch Energy (8.33%) and Britcana, (International Frontier - 8.33%).
As part of its continuous active exploration program in the North Sea, Gulf Shores continues to review other North Sea exploration projects.
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