Oct 16, 2007
North Sea Update
International Frontier Resources Corporation ("IFR" TSX-V) today announced that its wholly owned subsidiary, Britcana Energy Ltd. ("Britcana") will participate in the drilling of an exploration well to evaluate the Maria prospect located in UKCS Block 15/18a. Britcana will pay 11.11% of the cost to drill and test the farmin well to earn 8.33% in License P.233 (Block 15/18a). The license also includes two deeper Jurassic fallow discoveries. Additional technical work and new long offset 3D seismic is being proposed to evaluate further these discoveries and to mitigate technical risk on high - impact leads identified on block.
It is currently planned to commence drilling the Maria well in Q1, 2008. Upon fulfilling the terms of the farmin agreement working interests in License P.233 Block 15/18a will be, Petro-Canada (Operator - 25%), ENI UK Limited (50%), Britcana (8.33%), Monoil UK (8.33%) and Gulf Shores UK (8.33%).
The Company also announced today that a long offset 3D seismic survey has commenced on its Bowmore Prospect located in Quad 15. The new seismic will be integrated with existing 3D seismic to select a second drilling location on License P.1465. The Company approved the operators work program and budget for 2008, Britcana's 10% share of the budget is approximately 3.7 million pounds (C$7.6 million). The work program includes drilling a Jurassic well to evaluate the Bowmore resource accumulation that was previously tested in 1990 in the fallow discovery well 15/24a, the well tested 3024 BOPD and 11 MMCF/D. The budget also includes ordering long lead time items for a second commitment well on License P.1465.
For additional information on the Company visit www.internationalfrontier.com or contact;
- or -
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this news release. This news release is not intended for distribution to US news wire services or for dissemination in the United States and does not constitute an offer of the securities described herein.
You can return to the main News Releases page, or press the Back button on your browser.