Forest Gate Resources Inc. announced today that the company and its Celtic Sea consortium partners, lead by Providence Resources Plc, have taken delivery of the Petrolia semi-submersible drilling rig from Island Oil and Gas Plc in anticipation of their upcoming appraisal drilling program at the Hook Head prospect in the Celtic Sea.
Under the terms of the rig share agreement with Island Oil and Gas Plc, the consortium members have secured the Petrolia Rig for a 50-day drilling slot.
"The project is moving ahead as anticipated and I look forward to news from Ireland in the very near future." said Michael Judson, President & CEO of Forest Gate In other consortium news, Providence has agreed to a new farm-out agreement with Sosina Exploration Limited over Celtic Sea Standard Exploration Licenses 2/07 ('Hook Head') & 3/07 ('Blackrock'). Subject to Irish governmental approval of this agreement, Sosina Exploration Limited will hold a 5% stake in these licenses. Providence's equity stake will remain at 40%, with Dyas BV at 15%, Atlantic Petroleum (Ireland Limited) at 10%, Forest Gate Resources Inc. at 15% and Challenger Minerals (Celtic Sea) Limited at 15%.
Forest Gate Resources Inc. is an international oil & gas exploration company. The company is seeking to increase shareholder value through participation and development of oil & gas exploration and production projects in Ireland and Canada. The company's shares trade under the symbol FGT on the TSX Venture Exchange.
Forward-Looking Statements
This news release contains discussion of items that may constitute forward-looking statements within the meaning of securities laws that involve risks and uncertainties. Although the company believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurances that its expectations will be achieved.
Factors that could cause actual results to differ materially from expectations include the effects of general economic conditions, actions by government authorities, uncertainties associated with contract negotiations, additional financing requirements, market acceptance of the Company's products and competitive pressures. These factors and others are more fully discussed in Company filings with Canadian securities regulatory authorities.
Under the terms of the rig share agreement with Island Oil and Gas Plc, the consortium members have secured the Petrolia Rig for a 50-day drilling slot.
"The project is moving ahead as anticipated and I look forward to news from Ireland in the very near future." said Michael Judson, President & CEO of Forest Gate In other consortium news, Providence has agreed to a new farm-out agreement with Sosina Exploration Limited over Celtic Sea Standard Exploration Licenses 2/07 ('Hook Head') & 3/07 ('Blackrock'). Subject to Irish governmental approval of this agreement, Sosina Exploration Limited will hold a 5% stake in these licenses. Providence's equity stake will remain at 40%, with Dyas BV at 15%, Atlantic Petroleum (Ireland Limited) at 10%, Forest Gate Resources Inc. at 15% and Challenger Minerals (Celtic Sea) Limited at 15%.
Forest Gate Resources Inc. is an international oil & gas exploration company. The company is seeking to increase shareholder value through participation and development of oil & gas exploration and production projects in Ireland and Canada. The company's shares trade under the symbol FGT on the TSX Venture Exchange.
Forward-Looking Statements
This news release contains discussion of items that may constitute forward-looking statements within the meaning of securities laws that involve risks and uncertainties. Although the company believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurances that its expectations will be achieved.
Factors that could cause actual results to differ materially from expectations include the effects of general economic conditions, actions by government authorities, uncertainties associated with contract negotiations, additional financing requirements, market acceptance of the Company's products and competitive pressures. These factors and others are more fully discussed in Company filings with Canadian securities regulatory authorities.
Via: CNW
