Gulf Shores Doubles Interest in North Sea Project
Gulf Shores Resources Ltd. has doubled its interest in Quad 30 in the UK North Sea.
Subject to regulatory authority approval, Gulf Shores Resources Ltd. is now 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 UK 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 the operator of this project. A finder's fee of 75,000 shares is payable in connection with this acquisition.
The company is also paying US $101,250 and 12.5% of the cost of drilling, testing, completing and equipping a test well to earn a 9.4% interest in the 255 square kilometer (approximately 63,000 acre) Laurel Valley project located in Quad 14 in the North Sea. The block is located 24 km south of the 639 million barrel Claymore field, 20 km south of the 132 million barrel Scapa field, 23 km southwest of the 465 million barrel Scott field and nine kilometers north of the 592 BCF Goldeneye field. 3D seismic coverage indicates that the block contains three potential hydrocarbon horizons. The Operator, Oilexco North Sea Limited, is expected to commence the drilling of the well by March 15, 2007 using the Transocean's Sedco 712.
Gulf Shores Resources Ltd. is paying US $75,000 and 15% of the cost of drilling, testing, completing and equipping a test well to earn a 10% interest in the 970 square kilometer (approximately 240,000 acre) Lytham & St. Annes project located in Quads 41 and 42 in the North Sea. The proposed location is seven kilometers south of the 41/5-1 gas discovery. 3D seismic coverage indicates that the block contains three potential hydrocarbon horizons. Lundin Petroleum AB is the Operator and has contracted GlobalSantaFe GSF Galaxy II to drill this project in Q2 or Q3, 2007.
Gulf Shores Resources Ltd. has entered into an agreement to earn an interest in the 72.5 square kilometer (approximately 18,000 acre) Ridgewood project located in Block 12/17 in the North Sea. 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. Subject to regulatory authority approval, Gulf Shores Resources Ltd. is paying US $2.7 million representing 15% of the drilling and testing costs for the first well to earn a 10% interest in the project. A drilling site survey is currently underway. Lundin Petroleum AB is the Operator and has contracted GlobalSantaFe's Galaxy II to drill this project in Q3, 2007.
Gulf Shores Resources Ltd. is reviewing other North Sea exploration projects.
In the Williston Basin area of Manitoba, Canada, Gulf Shores Resources Ltd. owns various working interests in 20 development well locations. Ten locations have been drilled to date resulting in ten producing oil wells. Further drilling is planned.
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