Regulatory Announcement Go to market news section Company Lodore Resources Inc TIDM LRS Headline Drilling Update Released 09:08 31-Oct-05 Number 3636T
RNS Number:3636T Lodore Resources Inc 31 October 2005
Lodore Resources Inc. ("Lodore Resources")
Lodore Resources announces that drilling has resumed at the Pel-Tex Miami #E-1 well (the Kami prospect) following operations being suspended due to the passage of Hurricane Rita over the rigsite, onshore Southern Louisiana.
As reported in our release dated 29th September, the rig was evacuated prior to the storm's arrival and there were no injuries to personnel, but the rigsite and the immediate environment were subsequently severely flooded. The drilling contractor and indeed the entire service industry in the area has been greatly stretched by the damage to the infrastructure in the region by the passage of the two recent hurricanes and it has therefore taken several weeks to get back onto the location and re-enter the Kami well. Prior to evacuating the rigsite, the well had of course been made safe, and we now know that damage was restricted to parts of the rig and ancilliary equipment belonging to the drilling contractor and other service providers.
As of 06:00 Sunday 30th October 2005 (US Central time), the well had been re-entered and the drilling bit was cleaning out the previously-drilled open hole at a depth of 10,474 feet. When the well was shut in, it was then at a depth of 11,104 feet drilling ahead towards its reservoir targets expected to be between 12,600 ft and planned total depth of about 14,000 ft. An intermediate string of casing is planned to be set at approximately 13,300 ft which is above the deeper targets. Subject to getting back to the bottom of the existing hole without difficulties and assuming that the drilling rate that was being achieved prior to the hurricane is maintained, it is expected that the well will now take approximately three more weeks to be drilled and evaluated.
For further info: 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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