Norwood Signs Drilling Services Contractadmin
Norwood Resources is pleased to announce that the company’s Nicaraguan subsidiary, Norwood Nicaragua SA, has entered into a one year drilling services contract with Multiservicios de Perforacion Geopetroleros S.A. (MPG), a division of Grupo de PITSA of Poza Rica, Mexico.
The company plans to utilize MPG’s Gardner Denver 1500 HP drilling rig No. 15 to drill locations on its 845,000 acres onshore concession on the Pacific coast of Nicaragua. The contract encompasses a wide variety of other services and equipment that Norwood will utilize during this initial drilling campaign. The contract terms include a spud date for the first well no later than November 30th 2006, although it is in both parties best interests to begin as soon as possible.
Upon final inspection the rig will move from Mexico to the first of six locations. These locations have been designed to test separate structural closures within the Tertiary sediments of the upper and middle Brito formation. Norwood has identified many other potential targets within the Oligiocene Masachapa formation and in the deeper Cretaceous Rivas formation but has determined that the Brito offers the most cost effective opportunity for early discovery of a significant size.
Based on seismic data that Norwood acquired in the spring of 2006 and interpreted over the summer, the company has concluded that large areas of the survey contain inter-bedded turbidite sand sequences as thick as 1500 M in places. The thickest individual sand members (up to 100M) within the mapped structural closures formulate the first drill targets. The wells are designed to depths between 2200 and 2800 meters.
PITSA is a large Mexican oil field service company based in Poza Rica, which conducts drilling services in Mexico for Pemex. MPG currently has drilling services contracts in Guatemala as well. Pictures of the rig can be viewed at www.norwoodresources.com.
ON BEHALF OF THE BOARD OF DIRECTORS OF
NORWOOD RESOURCES LTD.
“Raymond Cahill” Raymond Cahill
This press release contains certain forward-looking statements. While these forward-looking statements represent our best current judgment, they are subject to a variety of risks and uncertainties that are beyond the company’s ability to control or predict and which could cause actual events or results to differ materially from those anticipated in such forward-looking statements. Accordingly, readers should not place undue reliance on forward-looking statements.
THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ACCURACY
OR ADEQUACY OF THIS RELEASE
For further information
To find out more about Norwood Resources Ltd. (NRS) contact: Raymond Cahill, President, or Kalayra Angelyys, Investor Relations Manager, E-Mail: firstname.lastname@example.org, Telephone: (604) 642-6566
Source: Norwood Resources Ltd.