Business
Coral Sea announces that the Legal Well will commence drilling and a Change of Auditor
Coral Sea announces that the Legal Well will commence drilling and a Change of Auditor.
About this update from Power Group Projects Corp.
[{"type":"text","content":"\n\n\n\n\nTrading Symbol: CPO - TSX Venture Exchange\n\nCALGARY, Dec. 16 /CNW/ - Coral Sea Petroleums Ltd. (the \"Company\") is\npleased to announce that the well Reto et al FBA 1-36-57-25 W4M is scheduled\nto commence drilling on December 17, 2005. The well will be drilled to a depth\nof approximately 1400 metres (4600 feet) and will test a seismically\ncontrolled Leduc age anomaly. The well is expected to take 7 days to drill and\nlog. The rig will drill and set surface casing; then shut down for the\nChristmas break and recommence drilling after Christmas. The Company is\nparticipating as to a 25% working interest and farming out the balance of its\ninterest (37.5%). If the well is successful, the Company's interest in\nproduction from this well will be 25% plus a gross overriding royalty before\npayout and 43.75% after payout.\nThe Company further announces that, at its Annual General and Special\nshareholders meeting, held on July 25th, the shareholders decided to allow the\nterm of appointment of Maldaner Crooks Watson, Chartered Accountants, the\nCorporation's former Auditors, to expire upon the timely completion of their\noutstanding tasks. As successor Auditor the shareholders appointed the firm\nMPG, Chartered Accountants, to act as Auditors of the Corporation until the\nnext Annual General Meeting of the Corporation.\nThere are no \"reportable events\" between the Corporation and its former\nAuditors. On or about December 9, 2005 the former Auditors completed their\noutstanding tasks and the change of Auditor filings are currently being\ncompleted.\nCoral Sea is listed on the TSX Venture Exchange (\"TSX-V\"), trading under\nthe symbol CPO.\n\nCoral Sea Petroleums Ltd.\n\n\nPer: (signed)\n --------------------\nT.E. Walton, President\n\nThe TSX Venture Exchange has not reviewed and does not accept\nresponsibility for the adequacy or accuracy of this news release.\n\n\n\n","length":1943,"tagName":"div"}]