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by Stockwatch Business Reporter
The TSX Venture Exchange added 1.82 points to 997.47 Friday, ending the week down 3.21 points. Gabriel Kapo Simonian's capital pool shell, Pounder Venture Capital Corp. (PDR), has submitted a filing statement that details its plan to option a 90-per-cent interest in the Castletown oil and gas block in the East Irish Sea. The shell has already received conditional approval from the exchange to close the qualifying transaction, after which Pounder Venture will change its name to Pounder Energy Corp.
Pounder must pay $82,500 to the vendor, Burgate Exploration & Production Ltd., a private United Kingdom company managed by two Englishmen, Timothy Boycott-Brown and Graham Andrew Dean. The shell must also cover 100 per cent of the cost of a $1.4-million work program, which it plans to pay for by completing a $2.5-million private placement of 25-cent units. Should the work program go well and encourage the company to start a drilling program, Pounder warns that drilling the property will be difficult. Surface drilling is prohibited on the central and southern part of the block because of wind farm licences, so the company says it will probably have to develop the block through a single long reach well drilled through a field subsurface template to the southwest of the discovery, which Pounder describes as a technically challenging task due to the relatively shallow depth of the formations and the distance of the step-out.
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