AZL - coming alive !!!

  1. 495 Posts.
    things are moving at anzoil
    1. last week frank jacobs buys 9 mil shares from igm at twice the current market value

    2. announcement today re venture with AOE, good potential and very close to markets

    ATP 683P Pilot Project & Farmin

    ARROW ENERGY NL 2002-09-02 ASX-SIGNAL-G

    HOMEX - Brisbane

    +++++++++++++++++++++++++
    ANZOIL ELECTS TO PROCEED WITH FARMIN IN ATP 683P
    ADDITIONAL FARMIN TO ADJACENT BLOCK PILOT PROGRAM TO PROCEED

    ANZOIL ELECTS TO FUND CSM PILOT SOUTH OF DALBY, SE QUEENSLAND

    The Directors of Arrow Energy NL and Anzoil NL are pleased to
    announce that following excellent preliminary results of Arrows' CSM
    (coal seam methane) gas core test hole Tipton West-1, Anzoil NL has
    nominated its farmout area as the Dalby Block in western ATP 683P
    (see figure 1 for location). Anzoil has notified Arrow that it
    intends to proceed to earn 20% interest in the Dalby Block by funding
    a maximum of $1,000,000 towards the cost of a five well pilot program
    in the Dalby Block.

    The Arrow-Anzoil Joint Venture's Tipton West-1 well drilled in the
    Dalby Block of ATP 683P intersected 29 metres of Walloon coals with
    high gas contents and excellent permeabilities. Mapping using seismic
    data previously acquired by Arrow confirmed that the Tipton West
    structure has four way fault-independent closure. The thick coals,
    high gas contents, excellent permeabilities and four-way structural
    closure combined on the Tipton West structure makes this area an
    ideal location to carry out a CSM gas production pilot program.

    ADDITIONAL ANZOIL FARMIN AT JONDARYAN

    Following the election to proceed with the earning of 20% in the
    Dalby Block of ATP 683P, Anzoil and Arrow have agreed on the terms of
    an additional farmin by Anzoil into the adjacent Bowenville Block in
    ATP 683P (see Figure 1). Anzoil has agreed to fund the costs of
    Jondaryan-1 located in the Bowenville Block for an option to earn up
    to 20% of the Bowenville Block by funding another $1,000,000 towards
    the costs of an additional CSM gas production pilot project.

    Jondaryan-1 is located less than one kilometre north of the
    Roma-Brisbane gas pipeline and is due to spud early next week.

    The Arrow-Anzoil Joint Venture is planning to commence a pilot
    program in the Tipton West Area in the Dalby Block of ATP 683P in the
    First Quarter of 2003. The Joint Venture partners are also
    considering using the $2,000,000 total Anzoil farmin costs to merge
    the two pilot programs into a ten well pilot gas production project
    on the Tipton West structure which may include on site electricity
    generation. The merged pilot proposal will increase the speed and
    efficiency of the installation of commercial gas production
    facilities.

    Arrow will continue to pursue this strategy of funding development
    projects to avoid costly capital issues. Arrow is continuing gas
    sales and development discussions with a number of current and
    potential major gas users.

    Arrow's Executive Directors, Nicholas Mather (041 7880 448, 07 3839
    4766), Ron Prefontaine (07 3839 4766) or Stephen Bizzell (07 3832
    6488) may be contacted in respect of any questions concerning this
    information.

    Further information may be obtained from the company's website
    www.arrowenergy.com.au.

    P Marshall
    COMPANY SECRETARY

    ... I'm in and holding and watching
 
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