Loon Energy Inc.: Brunei 3D Seismic Acquisition Underway
02 Octobre 2008 - 2:30PM
Marketwired
Loon Energy Inc. ("Loon" or the "Company") (TSX VENTURE: LEY)
announces that the acquisition of seismic data on a 350 square
kilometre 3D survey onshore Brunei has commenced. Field work
preparatory to the shooting of data including surveying, bridging
and the drilling of shot holes has been underway since April. Field
acquisition operations are expected to be completed by the end of
the year. A substantial amount of the data processing will occur
while the shooting continues and the completion of the processing,
a final interpretation of the data and a decision with respect to
the drilling of the first Loon well on Block L is expected prior to
the end of the second quarter of 2009.
Block L is 550,000 acres (2,253 km2) in size covering much of
eastern onshore Brunei and also containing an offshore component.
There has been some historic production on Block L, however, no
exploration or development activities have been undertaken in this
area in approximately 20 years. The giant Champion and Seria oil
fields are both located within 25 kilometres of Block L and Brunei
Shell Petroleum Co. Sdn Bhd announced a new gas discovery late last
year at Bubut, less than 1 kilometre from the block.
A production sharing agreement on Block L, signed in August,
2006, granted Loon Brunei Limited ("Loon Brunei"), a wholly-owned
subsidiary of Loon, as to 90% and QAF Sdn Bhd ("QAF") as to 10%,
the rights to explore and develop the block. The 3D survey is being
conducted by Nations Petroleum SE Asia Limited ("Nations SE Asia")
as a part of their commitment to fund the first US$20.5 million of
expenditures in the exploration of Block L in return for a 50%
working interest. Accordingly, the interests of the partners in
Block L are Loon Brunei 40%, Nations SE Asia 50% and QAF Brunei Sdn
Bhd 10%.
Loon is an international oil and gas exploration and production
company having direct interests in Brunei, Syria, Colombia, Peru
and Slovenia and exposure to a major exploration and development
program in Pakistan through its shareholding in Jura Energy
Corporation. For further information, please refer to the Loon
website (www.loon-energy.com).
Some of the statements contained in this release may be
forward-looking statements. Forward-looking statements may include,
but are not limited to, statements concerning estimates of
recoverable hydrocarbons, expected hydrocarbon prices, expected
costs, statements relating to the continued advancement of the
Company's projects and other statements which are not historical
facts. When used in this document, and in other published
information of the Company, the words such as "could," "estimate,"
"expect," "intend," "may," "potential," "should," and similar
expressions are indicative of a forward-looking statement. Although
the Company believes that its expectations reflected in the
forward-looking statements are reasonable, the potential results
suggested by such statements involve risk and uncertainties and no
assurance can be given that actual results will be consistent with
these forward-looking statements. Various factors, which could
cause actual results to differ from these forward-looking
statements, include the potential that the Company's projects will
experience technical and mechanical problems, geological conditions
in the reservoir which may negatively impact levels of oil and gas
production and changes in product prices and other risks not
anticipated by the Company or disclosed in the Company's published
material. Since forward-looking statements address future events
and conditions, by their very nature, they involve inherent risks
and uncertainties.
The TSX Venture Exchange neither approves nor disapproves of the
information contained herein.
Contacts: Loon Energy Inc. (Calgary, Canada) Norman W. Holton
Executive Chairman (403) 264-8877 (403) 264-8861 (FAX) Email:
nholton@loon-energy.com Loon Energy Inc. (Dubai, UAE) Timothy M.
Elliott President and Chief Executive Officer +971-4-339-5212
Email: telliott@loon-energy.com Loon Energy Inc. (Dubai, UAE) Jock
M. Graham Executive Vice President +971-4-339-5212 +971-4-339-5174
(FAX) Email: jgraham@loon-energy.com Website: www.loon-energy.com
Brisco Capital Partners Corp. (Calgary) Gordon Aldcorn Investor
Relations (403) 262-9888 Email: galdcorn@shaw.ca
Loon Energy (Tier2) (TSXV:LEY)
Graphique Historique de l'Action
De Mai 2024 à Juin 2024
Loon Energy (Tier2) (TSXV:LEY)
Graphique Historique de l'Action
De Juin 2023 à Juin 2024