Cambodia Calls for Talks with Thailand on Disputed Oil and Gas Zone

- Cambodia Calls for Talks with Thailand on Disputed Oil and Gas Zone

Tuesday, August 30, 2011
Deutsche Presse-Agentur (dpa)

Cambodia called Tuesday for the newly elected Thai government to resume talks on resolving claims to a 27,000-square-kilometer stretch of seabed considered rich in oil and gas.

The Cambodian National Petroleum Authority, a government body, said it had "a firm commitment to finding an equitable and transparent resolution to the overlapping claims area."

"The [government] would welcome the resumption of open and official negotiation on this issue and will pursue such a course as soon as practicable," it said.

The statement marked the second time in little more than a month that Cambodia has sought to restart the talks.

The authority said discussions held from 2001 to 2007 had been "fruitful," adding that the government of Abhisit Vejjajiva, which took power in 2008 and had rocky relations with Phnom Penh, had sought to resolve the dispute prior to this year's election.

To that end, it said, Bangkok and Phnom Penh had held secret talks to try to reach a deal.

A number of major oil companies have signed exploration deals with Cambodia in the Gulf of Thailand, including the US firm Chevron Corp and France's Total SA.

In 2001, the two nations signed an agreement that outlined their joint management of resources in the disputed zone, but the details have yet to be worked out.

Cambodia hopes to reap a windfall from oil and gas revenues that could transform the impoverished nation.


Copyright 2011 dpa Deutsche Presse-Agentur GmbH

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Crown Point Logs Potential Zone at Argentina Well

- Crown Point Logs Potential Zone at Argentina Well

Monday, May 30, 2011
Crown Point Ventures Ltd.

Crown Point has logged the EV-25 well bore and has cased it as a potential multiple zone oil well. This well is the second of a six well drilling program at El Valle in the San Jorge Basin in Argentina. Logs and samples taken while drilling indicate the presence of four principal zones in the Canadon Seco and Caleta Olivia formations with a combined potential pay thickness of 16.5 meters having an average porosity of 22%.

El Valle has three distinct productive sedimentary formations, which, in order of surface to deepest, are the Canadon Seco, Caleta Olivia and Mina el Carmen. Each of these formations may contain multiple discrete hydrocarbon bearing zones. Typically, the Canadon Seco formation produces medium grade oil (API gravity that ranges from 16-22 degrees), while the Caleta Olivia and Mina el Carmen produce light oil (API gravity of approx. 30 degrees).

The drilling rig is now moving to the location of the third well EV-29 - this well has principal geological targets located in the Caleta Olivia, with secondary targets in the Canadon Seco.

This drilling program is part of a larger 20-25 well program to be conducted at El Valle over the next 24 months, the Company plans to drill 2-5 wells 100% interest wells on the Canadon Ramirez exploitation concession in the Province of Chubut over the next 12 months and one 50% interest well at Laguna de Piedra in the first quarter of 2012. At Cerro Los Leones we anticipate receiving the required environmental permits in the near term and expect to commence the shooting of the 3-D and 2-D seismic programs shortly after receiving the environmental permit.

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Solimar to Open 1st Zone in Guijarral Hills Flow Test Prog.

- Solimar to Open 1st Zone in Guijarral Hills Flow Test Prog.

Friday, May 27, 2011
Solimar Energy Ltd.

Solimar announced that flow testing operations using the Orchard Petroleum Rig #2 will commence in the next 24 hours when the deepest zone selected for testing will be perforated and opened for flow into the well bore.

Perforations will be made between 10,370 feet and 10,380 feet within the Lower Gatchell Sandstone and then flow tested to determine whether commercial production is feasible.

The perforations are being restricted to a preferred 10 foot interval although additional potential hydrocarbon pay may be present in the Lower Gatchell Sandstone based on the wireline log data. Initial results from the Gatchell test may be reportable by late next week.
Background to Testing Program

The program will test selected intervals within the following 3 formations:

Formation	Perforation Interval (feet)
Leda Sandstone	8,533-8,540
Lower Avenal Sandstone	9,962-9,982
Lower Gatchell Sandstone	10,370-10,380

The three intervals to be tested have all been productive in the adjacent Guijarral Hills oil and gas field. Each of the zones were characterized by increased shows of hydrocarbons recorded while drilling and anomalies on wireline logs. Petrophysical analysis indicates hydrocarbon pay is present however the flow testing program is necessary to determine whether the hydrocarbon saturations and reservoir quality will support commercial rates of flow.

A total potential net pay estimate of over 135 feet in six separate zones was previously announced for the well. The zones that have been selected for testing are those deemed most likely to provide a definitive series of tests. If successful then the likelihood will be increased that other zones identified with potential pay can also be successfully tested.

Testing of each reservoir will involve perforation of the designated intervals followed by periods of flow and shut in to measure flow rates, pressure response and evaluate fluid properties. The sequence will involve testing of the deepest interval (Lower Gatchell) first and then working up the well as necessary to the shallower intervals.

The testing program cost for the three intervals has been budgeted at approximately US $530,000 although final costs will depend on results and whether these necessitate further procedures such as fracc stimulation.

ASX listed partners in the Guijarral Hills project, at post drill equities will be:

• Solimar Energy LLC (Operator) 35%
• Neon Energy Limited (ASX: NEN) 15%

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