Gallic Energy Ltd. Provides Operational Update for Ger and Ledeuix Permits, France, and Will Present at Swiss Resources Confe...
29 Noviembre 2011 - 3:00PM
Marketwired
Gallic Energy Ltd. ("Gallic" or "Company") (TSX VENTURE:GLC)
announced the operations status of the Company's 100% owned Ger and
Ledeuix Permits, both located in the Aquitaine Basin, onshore
France.
Mr. William H. Smith, President and CEO of Gallic, said "We are
pleased that the first critical steps of well re-entry operations
on the Ger Permit have gone so smoothly, and that our ongoing
geological and geophysical interpretation of the Ledeuix Permit has
resulted in our first exploratory drilling target."
GER PERMIT
Construction has started at both Ossun-2 and Azereix-1 sites and
is progressing rapidly. Gallic has salvaged a good portion of the
existing infrastructure and therefore construction should be
completed on budget within one month. Existing surface casing at
both wells were carefully exposed with specialized equipment and
found to be in good shape. New wellheads will be installed on the
casings this week. The wellhead installations will be closely
supervised by a technician from Stream-Flo Industries from
Edmonton, Alberta, the equipment supplier.
Gallic, through its wholly owned subsidiary, Exceed Energy
(France) SAS, has signed an agreement with Halliburton to supply a
snubbing unit (HWO) to re-enter the wells. The rig has been
inspected by APAVE, a recognized equipment inspecting organization,
and Gallic is awaiting their report. Any modifications to the rig
needed to meet the French Mining Code will be made prior to its
mobilization to France. The rig mobilization to the Ossun-2
well-site is scheduled for January 4, 2012, pending completion of
its current project in Germany.
Gallic has also entered agreements with Weatherford to provide
logging services and with MI-Swaco for drilling fluid services.
LEDEUIX PERMIT
Gallic's first well license application for a new drill (DOT) in
the Ledeuix Permit is currently being prepared. Surveyors have
located the Hagolle-2 drill-site. Upon approval of the license,
construction is expected to be completed in Q2, 2012.
Gallic is well financed with $19 million cash on hand to meet
its planned activities.
SWISS RESOURCES CONFERENCE
Mr. William H. Smith, President and CEO of Gallic, will be
presenting at the Swiss Resources Conference in Zurich, Switzerland
on December 1, 2011.
THIRD QUARTER 2011 FINANCIAL STATEMENTS
Gallic has filed its quarterly financial statements on
Sedar.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Gallic Energy Ltd. Mr. William H. (Bill) Smith
President and Chief Executive Officer (403) 930-7533 (403) 930-7599
(FAX)billsmith@gallicenergy.com
Gallic Energy Ltd. (TSXV:GLC)
Gráfica de Acción Histórica
De May 2024 a Jun 2024
Gallic Energy Ltd. (TSXV:GLC)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024