Lariat Energy Ltd. provides North Piper well status report

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[{"type":"text","content":"\n\n\n\nTSX Venture Exchange: LE\n\n\nVANCOUVER, July 23 /CNW/ - Lariat Energy Ltd. (TSX.V: LE) has confirmed\ntoday that Bridge Resources Corp. (TSX.V: BUK) and its wholly owned United\nKingdom subsidiary, Bridge North Sea (Central) Ltd. (both Bridge), have\nexecuted agreements with BFW Capital Management Ltd. and its wholly owned U.K.\nsubsidiary, BFW Drilling Ltd. (both BFW) and Lariat Energy Ltd. and its wholly\nowned UK subsidiary with respect to participation in the North Piper prospect.\n\n\nThe North Piper prospect is in the Central North Sea and is approximately\n24 km northwest of the Piper Field and 30 km northwest of the Claymore Field.\nThe North Piper 15/11b-6 exploratory well will target the first target at the\nNorth Piper prospect. The proposed spud date is on or around August 1, 2008.\n\n\nUnder the respective agreements, BFW and Lariat may each earn up to\n25-per-cent working interest in licence P1291, comprising blocks 14/15b and\n15/11b, by paying 37.5 per cent of the 15/11b-6 well cost up to a gross AFE\ncost of 11,847,471 pounds sterling. Any costs above this amount, including\nwell testing, would be shared proportional to working interest. Bridge remains\noperator of the licence.\n\n\nThe Jurassic Piper sands have produced over 1 billion bbl oil at the\nPiper Field, located 24 km's northwest of the North Piper Prospect. Objectives\nof the North Piper Well include:\n\n\n - Primary target: Jurassic Piper sands at 7,000 feet\n\n - Secondary target: Eocene-Upper Paleocene sands at 2,400 feet\n\n - Secondary target: Lower Paleocene sands at 4,800 feet\n\n\nThe planned well depth is 7,700 feet. Well design includes an extra\nstring of shallow casing to facilitate evaluation of any pay in the\nEocene-Upper Paleocene sands.\n\n\nON BEHALF OF THE BOARD\n\n\nScott Emerson\n\n\nPresident\n\n\nTSX Venture Exchange has not reviewed and does not accept responsibility\n\n\nfor the adequacy or the accuracy of this release.\n\n\n","length":2085,"tagName":"div"}]

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