DGAP-News: Worldwide Energies Inc.: Worldwide Koon Hickman 21 to No. 7
(firmenpresse) - Worldwide Energies Inc. / Miscellaneous
19.08.2010 16:05
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Worldwide Koon Hickman 21 to No. 7
With great pleasure, the Management is pleased to announce the completion
of the first phase in relation to the commissioning of the SDR 11 HDPE
polyethylene gas pipeline to the Worldwide-Koon-Hickman 21-7 No. 1, Benton,
and Fayette sand respectively. The pipeline extends over 18 '000 feet (5486
meters) and has a daily transport capacity of 8 million cubic feet of gas.
On August 10th, 2010 at 17PM local time, streamed the precious commodity of
Worldwide Energy Incorporation, through the 6 inch Polyethylene pipeline,
which culminates many years of substantial efforts and secures indefinite
years of great success for our shareholders. The All Receiving Station of
South Cross Energy, Inc. in Gordo, Alabama took the first flows into their
distribution systems, and recorded the entrance. The base has been created
some time ago by the signing of the so-called 'Land and Gas Sale Contract'
by our operator, Land and Natural Resource Development Incorporation,
Northport, Alabama.
During the subsequent days, the results received were highly satisfactory
and continuous with the exception of planned interim short breaks. The
interim breaks were based on establishing the load of the new equipment in
a continuous working process in which the compressor is driven to its
capacity, in an effort to recognize the resilience. These interruptions are
planned and necessary to establish confirmation of base line technical
requirements for the authorities.
As outlined in a letter dated 10th of August 2010, by the State Oil and Gas
Board of Alabama, the Management has commissioned the implementation of the
Second Phase. This will include a test phase of thirty days beginning
immediately. The implementation of this test phase marks another great
success for the engineers and geologists of Worldwide Energies
Incorporation.
There will be a 30 day temporary allowable flow of one million cubic feet
per entry in the zone which represents the maximum residue limit. After
this initial test phase is completed and deemed satisfactory by all
institutions and authorities, the agreed daily flow will be 2.4 million by
2.6 million cubic feet per day.
Following the 30- day initial flow period, the well will be shut for a
maximum period of 72 hours and a bottom- whole pressure will be taken. A
capacity test will be run for each zone and the results thereof shall be
submitted on Form OGB-22 conducted for each zone. At the end of this
phase the management does not see any further interruptions.
Parallel to this, the Engineers and Geologists of Worldwide Energies Inc.
are in preparation for a re-entry in a slightly higher layer on the same
zone. The resulting expected additional quantities of the overlying camp
will also be transported through the pipeline to the collection and sold.
Given Thorough analysis there is over capacity of the pipeline at this
point of time and by utilitizing the parallel site, it allows for greater
optimization of the transport values.
Already from the news coverage and the analysis of the various specialists
highlighting the substantial developments over the last few days, it has
resulted in share appreciation of more than 50% within the last two weeks.
There has already been press coverage which has confirmed that this site is
one of the largest explorations discovered in the United States within the
last two decades.
Additionally, the Management is extremely pleased to confirm that they have
decided to strategically optimize the management structure creating long
term sustainability and value for the shareholders of Worldwide Energies
Inc. They have agreed a collaborative relationship with an exclusive
International Finance Group which will allow Management much more
flexibility in securing future medium and long term strategic opportunities
as and when they become available. The detailed procedure on this will
be issued in writing to the shareholders shortly.
In closing, it is with great satisfaction and a touch of humble pride, that
We, the Management bring this report forward to you our shareholders. We
extend our thanks to you for your commitment and trust which enabled the
Company to realize this point and we join with you in great anticipation of
an exceptional future together.
19.08.2010 16:05 Ad hoc announcement, Financial News and Press Release distributed by DGAP. Medienarchiv atwww.dgap-medientreff.deandwww.dgap.de---------------------------------------------------------------------------
Datum: 19.08.2010 - 16:05 Uhr
Sprache: Deutsch
News-ID 32040
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