Business
Oil Accumulation in PEA-3 Well
Oil Accumulation in PEA-3 Well.
About this update from Cavvy Energy Ltd
[{"type":"text","content":"\n\n\n\n\nRIMOUSKI, Jan. 23 /CNW Telbec/ - PDetrolia (PEA : TSX-V) announces the\nrecovery of 200 litres of oil once work was resumed in the Haldimand (pound\nsign) 1/PEA-3 well, on the Gaspe property, 5 km from the Town of Gaspe.\nDrilling was suspended for the Christmas holiday period at a depth of\n806 metres. The 25 days work-stoppage period enabled an accumulation of\ngreenish-black coloured oil in the well, a good indication of oil in the\nDevonian sandstone of the Haldimand sector. This is in addition to the natural\ngas and oil shows encountered during phase one of the work. \"Although these\nare positive elements, we must wait until the end of the drilling and pumping\ntests before confirming that well as prospective to profitable exploitation,\"\ndeclared AndrDe Proulx, Company President.\nTo date, drilling has reached a depth of 832 metres, representing\nslightly more than 2/3 its total anticipated depth.\nThe PEA-3 well, 90% interest held by PDetrolia and 10% by Gastem (GMR :\nTSX-V), is part of Petrolia's 14-well drilling program undertaken in 2005 and\nanticipated for completion in 2006.\n\nThe TSX Venture Exchange does not accept any responsibility for the\ncontent of this press release as being truthful or accurate.\n\n\n","length":1305,"tagName":"div"}]