Gulfstream active in large concessions in Madagascar

June 30, 1997 Gulfstream Resources Canada Limited has announced initiatives to commence seismic activities later this year in Madagascar, where the company is operator of two large concession areas. Drilling is targeted for early 1998.
The onshore Tsiribihina block covers 26,700 sq km in the onshore Marondava Basin. The Antonibe offshore area encompasses 5,200 sq km in the Majunga Basin. Gulfstream has an 82 % interest at Tsiribihina and 80 % interest at Antonibe.
Convention documents were recently signed on June 4, at ceremonies attended by officials of Gulfstream Resources, L'Office des Mines Nationales et des Industries Strategiques (OMNIS) and by dignitaries of the Government of the Republic of Madagascar. The agreements establish terms for a long- standing alliance with OMNIS to identify and develop oil and gas potential. Terms cover exploration, development, transportation, processing and marketing activities.

Gulfstream has completed an environmental impact assessment to support seismic activities at Tsiribihina later this year, prior to the rainy season. The company is evaluating the logistics of a Fall program and is investigating the availability of seismic services. A 300 km program is planned to high-grade proven reserves for a multi-well drilling program in the Spring of 1998. Several wells have been drilled in the target area, one with estimated gas in-place of 2 trillion cubic feet, of which 1.8 tcf is missed pay.