ADVFN Logo ADVFN

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for default Register for Free to get streaming real-time quotes, interactive charts, live options flow, and more.

DOT

0.00
0.00 (0.00%)
Share Name Share Symbol Market Type
TSXV:DOT TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0 -

Gallic Energy Ltd. Announces France Well Re-Entry Program Progress and Moratorium has No Impact on Exploration Plans

17/05/2011 2:00pm

Marketwired Canada


Gallic Energy Ltd. ("Gallic") (TSX VENTURE:GLC) would like to announce that the
Declarationd'Ouverture de Travaux("DOT") or permit for re-entering the Ger 1
well in the Ger permit of France was submitted to the regional technical
authority in Bordeaux on May 12, 2011.


Mr. William H. Smith, CEO of Gallic, said "We are pleased that our operations
team's hardwork has resulted in this important step. DOTs for re-entry of other
wells on the Ger permit are expected to follow in the next few weeks.Gallic is
on track to re-enter the first of at least three wells on the Ger permit in the
3rd quarter of this year."


The government of France is banning hydraulic fracturing of unconventional
reservoirs until a 2 - 3 year study has been completed on the environmental
impact of this type of operation. Gallic has met with federal officials in Paris
and with regional officials in Bordeaux, both of whom have confirmed that
conventional drilling and completion operations can continue. Gallic's planned
2011 activities of re-entering and testing by-passed potential gas zones can be
performed as planned becauseGallic's conventional reservoirs do not require
hydraulic fracturingin order to produce.The nearby Lacq and Meillon fields have
produced 8.6 TCF and 2.0 TCF, respectively, of gas from conventional reservoirs
and both fields are still producing.


Gallic's professional team,after thorough technical evaluation, estimates that
the resource potential of the multiple zones to be tested in the first three
wells of the 2011 capital program on the Ger permit are considerably higher than
previously reported. Gallic expects to have a revised third party engineering
evaluation report later this year.


Interpretation of seismic and well data on the Ledeuix permit in France is
progressing towards having a third party engineering evaluation report on
resource potential completed by year end. Gallic is in discussions with other
oil and gas companies to farm out part of its 100% working interest in the
600,000 acre exploration permit in the Canning Basin of Australia.


1 Year Chart

1 Year  Chart

1 Month Chart

1 Month  Chart

Your Recent History

Delayed Upgrade Clock