FIELD ACTIVITIES / Odyssey Petroleum Commences Qantara Concession
Evaluation
ODYSSEY PETROLEUM CORPORATION
NASDAQ SYMBOL: OILYF
APRIL 23, 1998
CALGARY, ALBERTA--ODYSSEY PETROLEUM CORPORATION (NASDAQ:OILYF)
("Odyssey" or the "Company") has commenced its evaluation of the
Qantara concession on the onshore Nile Delta in Egypt. The
Company has received a copy of the Qantara technical data, which
includes well logs, test results and engineering data from the
three wells drilled and tested in 1976 through 1982. In addition,
500 kilometers of processed seismic data has been received and has
been scanned into a workstation for re-interpretation.
Earlier seismic interpretations mapped a 2000-hectare structure
and several smaller structures on the concession. The larger
structure contains a suspended well that was definitively
production-tested in 1982, and flowed at a rate of 19.2 MMcf/d gas
and 2,730 Bbl/d of 55 degree API condensate.
In cooperation with its joint venture partner, Merlon Petroleum
Company ("Merlon"), Odyssey will re-interpret the existing seismic
data and plan and conduct new seismic programs where required.
The Company expects to define initial drilling plans by early next
year, subject to approval of the Egyptian authorities. In the
first three-year exploration period the participants have
committed to spend US$3 million on this concession.
Achieving near-term production from Qantara is a high priority for
Odyssey. Using existing data, Odyssey is preparing risked
production scenarios for Qantara, which will be upgraded as new
information becomes available.
Odyssey, a Canadian-based energy resource company, was recently
awarded concessions for three onshore exploration blocks in Egypt
- Qantara, El Mansoura and Siwa. Odyssey and its partner Merlon
each hold a 50 percent interest in the concessions. Odyssey and
Merlon have established an office in Egypt and plan to begin
operations in mid-1998.
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