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Gold/Mining/Energy : Santa Catalina Mining SLM.V
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To: andec who wrote (19)2/7/2001 3:44:24 PM
From: Greywolf  Read Replies (1) of 30
 
SEM-1 WELL DRILLING RESULTS,

Close but no cigar...

February 7, 2001 (SLM - CDNX) ... Santa Catalina Mining Corp. (the
"Company") reports that drilling operations have been completed on the SEM-1
well. Although thick clean sandstones with oil shows were encountered in
the primary Triassic and Ordovician reservoir objectives, analysis of the
electrical logs indicate these sands to be water bearing. Due to a
thickened overlying salt section, the SEM-1 encountered the reservoirs just
below the oil/water contact interpreted from the first two wells. There was
a dramatic increase in the thickness of the Triassic TAGI sandstones from an
average of 14 metres in the first two wells to 24 metres in the SEM-1 well.
This thickness is more similar to that seen in the major fields to the
southeast held by Anadarko, Talisman and others where production rates of
10,000 to 15,000 barrels of oil per day per well have been observed. A
geophysical re-mapping effort will now be undertaken to incorporate the
results of this well, assess the effect on the overall field size and
determine future appraisal activities. Although the SEM-1 well failed to
encounter commercial quantities of hydrocarbons, the well will provide
valuable information towards further development of the Semhari structure.

The SEM-1 well was drilled 10 kilometres northwest from the previous SMRE-1
well and within original budget and time estimates.

Santa Catalina's 50% owned subsidiary, Santa Catalina (Algeria) Ltd., holds
a 25% interest in the Hassi Bir Rekaiz concession. ARCO Ghadames Inc. (BP
Amoco) is the operator holding a 50% interest. Turkish Petroleum holds the
remaining 25%.

ON BEHALF OF THE BOARD

"Lukas H. Lundin"
President
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