International Frontier's wholly owned UK subsidiary Britcana Energy is participating in the drilling of an exploration well to evaluate the Ridgewood prospect located in the Moray Firth area of the United Kingdom Continental Shelf (UKCS). Britcana is paying 15% of the well costs to retain a 25% interest in block 12/17b.
The 12/17b-1 well, which will commence drilling on December 21, 2007, is targeting Jurassic Volgian sandstones with an interpreted four-way dip closure covering an area of approximately 1,200 acres. The operator has assigned a potential resource of 41 million barrels of oil equivalent (gross unrisked). If commercial reserves are discovered in the Volgian the well maybe deepened to evaluate the lower Beatrice sandstone.
Lundin Petroleum AB (operator) has contracted the Global Santa Fe Galaxy 11 jack-up rig to drill the well, which is expected to take 28 days. The 12/17b-1 well is the first well of a three well UKCS drilling program in which Britcana will participate in 2008.
The Company also reported today that it has closed on a previously announced non-brokered private placement of 237,500 flow-through shares at a price of $0.80 per share. The shares issued are subject to a hold period which expires on April 20, 2008.
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