Purecore Metals Inc. press release
Coral Sea announces that the Legal Well will commence drilling and a Change of Auditor
CSE - Canadian National Stock Exchange ยท Canada
Trading Symbol: CPO - TSX Venture Exchange
CALGARY, Dec. 16 /CNW/ - Coral Sea Petroleums Ltd. (the "Company") is pleased to announce that the well Reto et al FBA 1-36-57-25 W4M is scheduled to commence drilling on December 17, 2005. The well will be drilled to a depth of approximately 1400 metres (4600 feet) and will test a seismically controlled Leduc age anomaly. The well is expected to take 7 days to drill and log. The rig will drill and set surface casing; then shut down for the Christmas break and recommence drilling after Christmas. The Company is participating as to a 25% working interest and farming out the balance of its interest (37.5%). If the well is successful, the Company's interest in production from this well will be 25% plus a gross overriding royalty before payout and 43.75% after payout. The Company further announces that, at its Annual General and Special shareholders meeting, held on July 25th, the shareholders decided to allow the term of appointment of Maldaner Crooks Watson, Chartered Accountants, the Corporation's former Auditors, to expire upon the timely completion of their outstanding tasks. As successor Auditor the shareholders appointed the firm MPG, Chartered Accountants, to act as Auditors of the Corporation until the next Annual General Meeting of the Corporation. There are no "reportable events" between the Corporation and its former Auditors. On or about December 9, 2005 the former Auditors completed their outstanding tasks and the change of Auditor filings are currently being completed. Coral Sea is listed on the TSX Venture Exchange ("TSX-V"), trading under the symbol CPO.
Coral Sea Petroleums Ltd.
Per: (signed) T.E. Walton, President
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.