Dear Portrush Shareholders:
Thank you for your postings to the Portrush Petroleum Forum Board. We are pleased to now provide you with a more comprehensive response to your questions. Management has had the opportunity to review and answer the questions posed by shareholders and potential shareholders.
Naturally, questions for topics that have not first been publicly disclosed via press release, or may constitute insider information, have been removed, as too have rhetorical or questions not relevant to the operation of the Company. We trust that this format provides the answers to your questions and concerns as comprehensively as possible.
Regards
AGORA Investor Relations
http://www.agoracom.com/IR/Portrush
QUESTIONS TO MANAGEMENT FROM THE PORTRUSH FORUM BOARD ON AGORA
RESPONSES FROM MANAGEMENT POSTED - September 23, 2005
QUESTION: Re Texas Production reports, Is there any reason that the shareholders cannot be informed from the Portrush management on status and production from all of the existing Texas wells.
RESPONSE: These details are available from the Company Profile on Portrush.
QUESTION: How Long For Results After Deep Well Spudded? I`ve heard that these deep wells could take anywhere from 4 to 8 weeks to get results after being spudded. May take upto 4 weeks to drill and upto the same amount of time to frac the zones and test them before releasing the results.
Could you please elaborate on the proposed PSH deep well in Texas?
RESPONSE: As this is the first deep test on the property the operator will take the opportunity to do a full evaluation. This will include taking sidewall cores and formation testing (pressure and flow rates testing from productive sands in the open hole) The drilling contractor will also be required to set intermediate casing which will add to the drilling time. The operator will test prospective sands, starting with the deepest formation and working upwards. One of the benefits of being in a producing field is that testing can take place into the production facilities already on site and the amount of flaring will be very limited. A timescale for this entire operation including the correlation of the results and a comparison between the actual results and the wave technology predictions will be available before operations commence.
QUESTION: Hurricane and effect on PSH. Will this hurricane off the gulf coast effect psh`s time line for drilling the deep well in texas? Assuming there is big rain has PSH taken steps to gain continued access to the drill site? I have heard a board road has been put in is this correct?
RESPONSE: Katrina had no effect on the Company’s operations. It is, however, too early to say what impact Hurricane Rita might have on operations.
QUESTION: What is the status of the tight hole situation for the Richard 2-20 well?
RESPONSE: The well requires further testing to establish its commercial value.
QUESTION: What is the status of the 37,000 acre property in Texas?
RESPONSE: The Company that has taken the option on the property has advised that they intend to drill a number of wells on the property this fall. We have not seen any evidence the wells will be drilled.
QUESTION: What was the reason for PSH backing out in the 29% interest in Mission River?
RESPONSE: It was mutually agreed not to proceed with the transaction.
QUESTION: What is the status of the Alberta Property. When is the operator going to drill there?
RESPONSE: As in a earlier question, the Company that has taken the option on the property has advised that they intend to drill a number of wells on the property this fall. We have not seen any evidence the wells will be drilled.
QUESTION: What ever happened to the Kansas Property?
RESPONSE: The Company evaluated the Kansas property and decided not to proceed.
QUESTION: What was the $300,000 raised in the last PP going to be used for?
RESPONSE: $300,000 was raised for working capital. This information is available in the Company’s financial statements
QUESTION: How long is the Agoracom and PSH IR contract for?
RESPONSE: As announced in the Press Release regarding the relationship with AGORA, the contract is for one year.
QUESTION: What is the permit # for the deep well in Texas? PSH has indicated that Mcalester Fuels has submitted the information. Can you confirm that they have actually submitted the information to the authorities?
RESPONSE: The location has been surveyed. The timing of a permit application is a matter for the operator. A permit typically takes two or three days
QUESTION: Who is the operator that will be drilling the deep well?
RESPONSE: The McAlester Fuel Company is the operator
QUESTION: Is the Richard 2-20 cased for production?
RESPONSE: The well (Richards 2-20) has been cased.
QUESTION: What is the status of the Latoure and wederman wells?
RESPONSE: Both wells are non commercial.
QUESTION: Will PSH drill the remaining hole to earn the 20% in the AMI in New Haven
RESPONSE: In the Lennox property a spacing unit is 40 acres. This is what is earned by drilling a successful well.
QUESTION: What ever happened to North Kimball....did we get our money back that we gave to Range for the 5% interest in the well??
RESPONSE: North Kimball is on production
FROM AGORA
We trust this document is evidence of the commitment of the Company (and AGORA) to provide a comprehensive and timely response to shareholders. We thank you for your patience while we set up this hub and implemented the initial elements of the IR program.
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