Gulf Shores Resources Ltd.
Gulf Shores Resources Ltd. Enters New Option Agreement
Corporate news transmitted by DGAP – a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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Gulf Shores Resources Ltd. has entered into an option agreement to earn an
interest in the 72.5 square kilometer (approximately 18,000 acre) Ridgewood
Project located in block 17a in Quad 12 in the North Sea. The proposed
location is 35 kilometers northeast of the 170 million barrel Beatrice
Field and 9 kilometers from the nearest proven Jurassic oil accumulation.
Seismic coverage shows a structure containing two potential hydrocarbon
bearing zones in the Jurassic. Subject to regulatory authority approval,
Gulf Shores has until October 31, 2006 to pay US$2.2 million representing
15% of the drilling and testing costs for the first well to earn a 10%
interest in the entire project.
As previously announced, Gulf Shores Resources is paying US$101,250 and
12.5% of the cost of drilling, testing, completing and equipping a test
well to earn an 9.4% interest in a 255 square kilometer (63,000 acre) block
located in Quad 14 in the North Sea. The block is located 24 kilometers
south of the 639 million barrel Claymore field, 20 kilometers south of the
132 million barrel Scapa field and 9 kilometers north of the 592 billion
cubic foot Goldeneye field. Three dimensional seismic coverage indicates
that the block contains three potential hydrocarbon horizons.
As previously announced, Gulf Shores is paying US$75,000 and 15% of the
cost of drilling, testing, completing and equipping a test well to earn a
10% interest in a 970 square kilometer (240,000 acre) block located in
Quads 41 and 42 in the North Sea. The proposed location is 7 kilometers
south of the 41/5-1 gas discovery. Three dimensional seismic coverage
indicates that the block contains three potential hydrocarbon horizons.
Gulf Shores Resources Ltd. has elected not to exercise its option to
participate in the drilling of Quad 21.
ON BEHALF OF THE BOARD
Michael Turko
President
Contact Deutschland:
Value Relations GmbH
GFU@ir-services.de
Tel.: +49 (69) 959246-13
(c)DGAP 13.07.2006
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Language: English
Issuer: Gulf Shores Resources Ltd.
#404 – 999 Canada Place
V6C 3E2 Vancouver, B.C. Kanada
Phone: +1 (604) 683-3309
Fax: +1 (604) 844-2834
E-mail: gulfshores@net-conex.com
WWW: http://www.gulfshoresresources.com
ISIN: CA40251T1084
WKN: 784809
Indices:
Listed: Freiverkehr in Berlin-Bremen, Stuttgart, München; Open Market
in Frankfurt; Foreign Exchange(s) Canadian Venture Exchange
End of News DGAP News-Service
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