Patch drilling ahead of schedule on British Columbia Gas Playadmin
Patch International Inc. has reported that the drilling activity on the Company’s natural gas project in northeastern British Columbia is currently proceeding ahead of schedule.
The operator has informed PTCH that the well is currently drilling in the target formation at 1930 meters and that total depth of 2020 meters is expected to be reached by tomorrow. The operator will then immediately proceed to logging.
The project was previously referred to in a press release dated October 20, 2006 where it was stated that the Company had entered into a Participation and Option Agreement with an Area of Mutual Interest (“AMI”) covering 35 square miles of land in northeast BC, located south of Fort St. John, called the Eight Mile Prospect (“Eight Mile”). PTCH has committed to drill and complete two wells in the initial program with drilling to commence during October 2006. The drilling of each commitment well will result in the earning of the section on which the commitment well is located plus an additional contiguous section. PTCH will have a continuous option following the drilling of the two commitment wells to earn a further interest in the remaining sections. The Farmor holds a 100% interest in 21 sections (21 square miles) within the AMI and the majority of the farm-out lands are contiguous. It was further stated that the gas play has the potential of up to 5 to 6 million cubic feet per day per well and a multiple well opportunity on 21 sections of land.
Commenting on this report, John Thornton, PTCH’s President and Chief Executive Officer said, “We are very pleased with today’s news and the efficiency of our operator. We have our fingers crossed as the upside potential of this play could be very significant for PTCH and the value of our Company. ”