The operator of the Tajzha Ventures Keg River prospect in north-eastern BC has advised of its intention to complete drilling operations as quickly as possible. The well has been drilled and cased to within approximately fifty meters of the target Keg River formation. The surrounding area has numerous gas pools producing from the Slave Point formation, which overlies the very productive and highly permeable Pine Point reefs.
By participating in this test well, Tajzha will earn a 10% working interest in the exploration block consisting of approximately five sections of land. Tajzha will pay 11.67% of the costs of the test well to earn a 10% working interest in the well. Any subsequent wells in the exploration block will be on a straight-up working interest basis. Tajzha has the opportunity to participate in four additional exploration blocks on the same terms as the initial exploration block. Tajzha must participate in the first well on each option block to earn into the land in that block.
Tajzha has completed its due diligence on the Gulf of Mexico offshore exploration blocks announced in its news release on November 28, 2007. Based on the analysis by Tajzha's professional team, Tajzha has concluded that the expenditures, potential production and potential reserves do not meet with management's objectives for longevity, risk and value. Accordingly, Tajzha has terminated the Letter of Intent for the Gulf of Mexico.
Tajzha is continuing to evaluate other drilling and acquisition opportunities.
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