By OGJ editors
HOUSTON, July 2 -- Gold Point Energy Corp., Vancouver, will prospect for gas in shallow Eocene and Oligocene sandstones on 500 sq km in the Varna Trough of the Western Black Sea basin under an agreement with JKX Oil & Gas PLC and Aurelian Oil & Gas PLC.
Gold Point is to pay 40% of a 250 sq km 3D seismic survey and 40% of two shallow wells to earn 20% working interest up to a total of $5 million on the Golitza B and B1 blocks that total 365,520 acres.
Of 77 wells drilled by the former state firm Comgeo, three were completed as producing wells, 44 found producible gas, and 16 had good gas shows. Gold Point may choose whether to proceed to drilling after evaluating the seismic data.