Company Lodore Resources Inc TIDM LRS Headline Drilling Update Released 08:04 29-Sep-05 Number 9279R
RNS Number:9279R
29 September 2005
29 September 2005
Drilling Update - Kami
Following recent hurricane and storm activity in the Gulf of Mexico area, the Company has received an update from the operator on the status of drilling at the Pel-Tex Miami #E-1 well (the Kami prospect).
The rig was evacuated prior to Hurricane Rita making landfall, and we now know that the storm passed very close to the well location.
The well is located within the Rockefeller Game Refuge which has levees designed to mitigate salt water inflow from the marshland. The storm surge associated with Hurricane Rita led to extensive flooding within the refuge, and it is
uncertain how long this might take but the operator has told Lodore and Pel-Tex that it could take as long as two to three weeks.
A helicopter inspection of the rig site has shown that the drilling rig appears to have no damage. However, flood waters with a depth of 6 to 8 feet surround the drill area..
well is being drilled on a "turnkey" basis.
Prior to the hurricane related evacuation the well had made excellent progress, and was drilling ahead at 11,104 feet towards a planned total depth of 14,000 feet, having set 10 3/4" casing down to 4,000 feet.
We will continue to update our shareholders of developments regarding this matter, but believe that this delay is not material.
For further information contact:
Lodore Resources Bob Williams, Executive Chairman +65 6324 0017 Peter Kirkham, Executive Director +65 9430 0565
Fishburn Hedges (PR Adviser to Lodore) Andrew Reid / Andrew Marshall +44 (0)20 7839 4321
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