This is a question and answer from the Agora website
QUESTION: What is the status of the Latoure and wederman wells?
RESPONSE: Both wells are non commercial.
6.9 billion cubic feet per section
Below is their Portrush original News Release
Portrush hits gas-charged zone at Schmude LaTorre 1-20
Portrush Petroleum Corp PSH
Shares issued 21,060,608 Oct 22 close $0.31
Thu 23 Oct 2003 News Release
Mr. Martin Cotter reports
Portrush has been notified by the operator that drilling has been completed
on a well north of the two producing wells in the Lenox 20-4N-14E Niagaran
reef oil reservoir north of New Haven, Mich. The well, the Schmude LaTorre
1-20, was drilled to a depth of approximately 3,200 feet and was located
more than 1,300 feet north of the two producing wells.
The target of the well as identified on a conventional seismic line was the
northern portion of the Lenox Silurian platform reef, which is believed to
extend north of Portrush`s existing light oil production and natural gas
indications on the delineated portion of the reef.
The well encountered a gas-charged zone approximately 50 feet thick up hole
of the reef formation. The company intends to fully evaluate the up-hole
gas and intends to drill additional wells to produce from this formation.
Recoverable gas reserves for this interval are volumetrically determined at
6.9 billion cubic feet per section.
The formations in the Brown Niagaran were not encountered as anticipated. A
detailed log analysis of the well suggests proximity to a pinnacle reef and
the company intends to continue to explore close to the Schmude LaTorre
well and the two producing wells in order to locate the pinnacle.
The company earned a 15-per-cent working interest in the drilling unit and
can also earn a 20-per-cent working interest in an area of mutual interest
(AMI) of 2,000 gross acres (3.2 sections) of leases immediately adjoining
the Lenox discovery.
Considerable progress has been made obtaining a right of way for a gas
pipeline to sell the gas from the two existing wells that are currently
being flared and any new gas production that might ensue from the
additional drilling. Landowners have agreed to provide easements for a
four-inch pipeline to connect the current gas production and any additional
anticipated commercial production to an eight-inch utility line.
Construction of this pipeline will take place when the necessary permits
and approvals are obtained.
During the month of June, the wells produced 7,177 barrels of oil over 30
days, averaging 240 barrels of oil a day. Production for April and May was
4,097 barrels and 7,406 barrels, respectively. Through May, 2003, the two
wells had produced a cumulative total of nearly 70,000 barrels, with the
Martin well not contributing to that total until April, 2003. Typical reefs
in the area can vary in size from approximately 300,000 barrels and two
billion cubic feet to over one million barrels and 10 billion cubic feet of
recoverable reserves. For an analyst evaluation of this project, refer to
the news release in Stockwatch dated Sept. 25, 2003, or call 1-800-828-1866
for a copy of this report.
WARNING: The company relies upon litigation protection for
``forward-looking`` statements.
(c) Copyright 2003 Canjex Publishing Ltd. http://www.stockwatch.com
