Business
Austin and Pennant spud the Pennant Austin Kaybob S No. 1 well.
Austin and Pennant spud the Pennant Austin Kaybob S No. 1 well..
About this update from Pantera Silver Corp.
[{"type":"text","content":"\n\n\n\nTSX Venture: AUL\n\n\nVANCOUVER, June 7 /CNW/ - Austin Developments Corp. (the "Company")\n(TSX: V-AUL) and its joint venture partner, Pennant Energy Inc. ("Pennant")\n(TSX: V-PEN) are pleased to announce that the Pennant Austin Kaybob S No.1\nwell (Kaybob S No.1) was spud on June 6th 2007 at 11.30am. The drilling\nprogram is scheduled to continue 24 hours a day until the target depth of\n3,000m is reached.\n\n\nThe Kaybob S No. 1 well has evolved as a step-out development drilling\nprospect. The Kaybob property offsets a well that produced from the same\ntargeted formation at rates as high as 600 barrels of oil per day and had\ncumulative production of approximately 400,000 barrels of oil and 550 million\ncubic feet of gas. In choosing the optimal drilling location for the initial\ntest well the following survey data was used:\n\n\n- Existing 3D seismic survey data covering a portion of the Kaybob and\n Bronson properties was purchased and reprocessed.\n- Upon review of this data, a geochemical survey was initiated to\n expand the data not covered by the original 3D seismic data mentioned\n above.\n- Upon interpretation of the geochemical survey results a new extensive\n 3D seismic survey was conducted to expand coverage of all the farm-in\n acreage. Interpretation of this data identified the first drill\n location (Kaybob S No.1 Well).\n\n\nA short video link providing an illustrated background to the current\ndrill program can be found on the Company's website at\nwww.austindevelopments.com. The drill rig being used is the "Ensign No. 62\ntriple rig" and is used specifically to drill deep targets. The drilling\nprogram is anticipated to take 25 days to reach target depth of 3,000m.\n\n\nThe Qualified Person who holds responsibility for the accuracy of the\ntechnical information contained in this news release, is Pennants VP of\nExploration, Mr. Jim Britton, P. Geol. P. Eng.\n\n\nOn behalf of the Board of Directors\n\n\nAustin Developments Corp.\n\n\nPer:\n\n\n"Patrick Power"\n\n\n---------------\n\n\nPatrick Power\n\n\nPresident and Director\n\n\nTHE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT\n\n\nRESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.\n\n\n","length":2398,"tagName":"div"}]