Welcome!

News Feed Item

United Hydrocarbon Announces Successful Drilling in Chad

CALGARY, ALBERTA -- (Marketwired) -- 03/31/14 -- United Hydrocarbon International Corp. is announcing the successful results of drilling two wells on its Production Sharing Contract area in the Doba Basin, located in southern Chad.

The "Belanga North-1" exploration well was drilled to a total depth of 1,392 meters and encountered three oil-bearing sand intervals; two in the targeted Upper Cretaceous 'YO' sands with a combined thickness of 16.5 meters (net), and a previously untested 5-meter (net) sand in a shallower horizon. A 14.5 meter section of the 'YO' sand was perforated and flow tested. At the end of a 15-hour cleanup and flow test period with an 18% pressure drawdown, the final flow rate was 680 barrels of oil per day with no water. Oil was also recovered from the previously untested 5-meter thick sand with a wireline testing tool. Subject to further analysis, the oil recovered during the flow tests appears to be similar in quality to the oil in nearby fields that have been in commercial production since 2004.

The Company also drilled a well at "Belanga 1A" to further delineate the oil discovery at Belanga 1, originally drilled in the 1970's by a previous operator. The well encountered a 9-meter oil zone in the 'YO' sand, approximately 50% thicker than the oil zone in the original discovery well. Crude oil was produced to surface before the flow test was terminated due to a mechanical problem. The Company plans to conduct a long-term flow test at a later date.

"We are very encouraged by the significant discovery results of our 2014 drilling program in the DOC and DOD blocks in southern Chad," commented Ned Goodman, Chairman of the Board and Chief Executive Officer. "There is substantial additional evaluation work ahead of us to prove the ultimate value of the overall drilling program. Extensive 3D seismic survey and development wells are needed to confirm the commercial viability of the Belanga discovery, as well as substantial drilling to prove the viability of the potential magnitude of the Lake Chad area."

In connection with the Belanga discovery, the independent members of the Company's board of directors have agreed to grant a $10 million discovery bonus to Dundee Corporation in recognition of the contribution made by the Dundee Group and its senior officers and directors, towards the success of the Belanga discovery, especially including its extensive risky financial support during a time that the Company was unable to secure alternative financing. Dundee has agreed to accept 20 million shares of the Company in lieu of paying cash for this discovery bonus and for Dundee's assistance.

In addition, and in order to simplify the capital structure of the Company, the board of directors has removed the necessity of the Company's shares trading above certain specified values in order for those holders of Performance Warrants to exercise their warrants. This will allow holders of the warrants to purchase shares of the Company at the exercise price of the warrant at their discretion.

ABOUT UNITED HYDROCARBON INTERNATIONAL CORP.

United Hydrocarbon International Corp. is a private Canadian based company involved in acquiring proven undeveloped oil and gas projects in international locations that offer the greatest potential return for its shareholders. The Company's directors and management team have successful track records identifying, acquiring, financing and operating onshore oil and gas assets internationally.

CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS

This press release may contain forward-looking information that involves substantial known and unknown risks and certainties, most of which are beyond the control of United, including statements pertaining to the Company's drilling plans and operations. All statements included herein, other than statements of historical fact, are forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. Readers are cautioned to not place undue reliance on forward-looking statements. While United believes the expectations reflected in the forward-looking statements are reasonable, actual results and developments may differ materially from those contemplated by these statements depending on, among other things, issues encountered in drilling, completion and tie-in operations, the amount and timing of capital expenditures, the ability to finance those expenditures and other factors beyond United's control. The initial flow rate stated herein is not necessarily indicative of long term performance or ultimate recovery. Any forward-looking statements are made as of the date of this release and, other than as required by applicable securities laws, United does not assume any obligation to update or revise them to reflect new events or circumstances.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
SYS-CON Events announced today that Numerex Corp, a leading provider of managed enterprise solutions enabling the Internet of Things (IoT), will exhibit at the 19th International Cloud Expo | @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Numerex Corp. (NASDAQ:NMRX) is a leading provider of managed enterprise solutions enabling the Internet of Things (IoT). The Company's solutions produce new revenue streams or create operating...
WebRTC adoption has generated a wave of creative uses of communications and collaboration through websites, sales apps, customer care and business applications. As WebRTC has become more mainstream it has evolved to use cases beyond the original peer-to-peer case, which has led to a repeating requirement for interoperability with existing infrastructures. In his session at @ThingsExpo, Graham Holt, Executive Vice President of Daitan Group, will cover implementation examples that have enabled ea...
Kubernetes is a new and revolutionary open-sourced system for managing containers across multiple hosts in a cluster. Ansible is a simple IT automation tool for just about any requirement for reproducible environments. In his session at @DevOpsSummit at 18th Cloud Expo, Patrick Galbraith, a principal engineer at HPE, discussed how to build a fully functional Kubernetes cluster on a number of virtual machines or bare-metal hosts. Also included will be a brief demonstration of running a Galera M...
SYS-CON Events announced today that Tintri Inc., a leading producer of VM-aware storage (VAS) for virtualization and cloud environments, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Tintri VM-aware storage is the simplest for virtualized applications and cloud. Organizations including GE, Toyota, United Healthcare, NASA and 6 of the Fortune 15 have said “No to LUNs.” With Tintri they mana...
IoT offers a value of almost $4 trillion to the manufacturing industry through platforms that can improve margins, optimize operations & drive high performance work teams. By using IoT technologies as a foundation, manufacturing customers are integrating worker safety with manufacturing systems, driving deep collaboration and utilizing analytics to exponentially increased per-unit margins. However, as Benoit Lheureux, the VP for Research at Gartner points out, “IoT project implementers often ...
The Jevons Paradox suggests that when technological advances increase efficiency of a resource, it results in an overall increase in consumption. Writing on the increased use of coal as a result of technological improvements, 19th-century economist William Stanley Jevons found that these improvements led to the development of new ways to utilize coal. In his session at 19th Cloud Expo, Mark Thiele, Chief Strategy Officer for Apcera, will compare the Jevons Paradox to modern-day enterprise IT, e...
SYS-CON Events announced today the Enterprise IoT Bootcamp, being held November 1-2, 2016, in conjunction with 19th Cloud Expo | @ThingsExpo at the Santa Clara Convention Center in Santa Clara, CA. Combined with real-world scenarios and use cases, the Enterprise IoT Bootcamp is not just based on presentations but with hands-on demos and detailed walkthroughs. We will introduce you to a variety of real world use cases prototyped using Arduino, Raspberry Pi, BeagleBone, Spark, and Intel Edison. Y...
Complete Internet of Things (IoT) embedded device security is not just about the device but involves the entire product’s identity, data and control integrity, and services traversing the cloud. A device can no longer be looked at as an island; it is a part of a system. In fact, given the cross-domain interactions enabled by IoT it could be a part of many systems. Also, depending on where the device is deployed, for example, in the office building versus a factory floor or oil field, security ha...
Is your aging software platform suffering from technical debt while the market changes and demands new solutions at a faster clip? It’s a bold move, but you might consider walking away from your core platform and starting fresh. ReadyTalk did exactly that. In his General Session at 19th Cloud Expo, Michael Chambliss, Head of Engineering at ReadyTalk, will discuss why and how ReadyTalk diverted from healthy revenue and over a decade of audio conferencing product development to start an innovati...
Fifty billion connected devices and still no winning protocols standards. HTTP, WebSockets, MQTT, and CoAP seem to be leading in the IoT protocol race at the moment but many more protocols are getting introduced on a regular basis. Each protocol has its pros and cons depending on the nature of the communications. Does there really need to be only one protocol to rule them all? Of course not. In his session at @ThingsExpo, Chris Matthieu, co-founder and CTO of Octoblu, walk you through how Oct...
SYS-CON Events announced today that Bsquare has been named “Silver Sponsor” of SYS-CON's @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. For more than two decades, Bsquare has helped its customers extract business value from a broad array of physical assets by making them intelligent, connecting them, and using the data they generate to optimize business processes.
Whether they’re located in a public, private, or hybrid cloud environment, cloud technologies are constantly evolving. While the innovation is exciting, the end mission of delivering business value and rapidly producing incremental product features is paramount. In his session at @DevOpsSummit at 19th Cloud Expo, Kiran Chitturi, CTO Architect at Sungard AS, will discuss DevOps culture, its evolution of frameworks and technologies, and how it is achieving maturity. He will also cover various st...
Identity is in everything and customers are looking to their providers to ensure the security of their identities, transactions and data. With the increased reliance on cloud-based services, service providers must build security and trust into their offerings, adding value to customers and improving the user experience. Making identity, security and privacy easy for customers provides a unique advantage over the competition.
There are several IoTs: the Industrial Internet, Consumer Wearables, Wearables and Healthcare, Supply Chains, and the movement toward Smart Grids, Cities, Regions, and Nations. There are competing communications standards every step of the way, a bewildering array of sensors and devices, and an entire world of competing data analytics platforms. To some this appears to be chaos. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, Bradley Holt, Developer Advocate a...
SYS-CON Events announced today that Niagara Networks will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Niagara Networks offers the highest port-density systems, and the most complete Next-Generation Network Visibility systems including Network Packet Brokers, Bypass Switches, and Network TAPs.