FIELD ACTIVITIES / Profco in Nigeria
PROFCO RESOURCES LTD.
CALGARY, July 8 /CNW/ - Profco Resources Ltd. (''PSO'' - Toronto) of
Calgary announced that construction of the production facilities platform for
the main Ejulebe field offshore Nigeria has been completed. The platform is
on a barge and is presently in tow out of the Gulf of Mexico. The platform is
expected to arrive in Nigeria in approximately five weeks at which time it
will be located at the Ejulebe No. 1 well location 12 kilometers offshore.
Upon completion of pipeline construction, the platform will be tied into the
four oil wells and one pressure maintenance well with production expected to
commence at the end of September, 1998, at approximately 13,000 barrels of oil
per day. Profco's share of this production is 60% before recovery of all its
costs and 22.5% thereafter. The balance of the production is owned by
Profco's Nigerian partner, Atlas Petroleum International Ltd. The four oil
wells were cumulatively production tested at 21,000 barrels of oil per day.
The Company also reported it is continuing discussions with its Nigerian
partner as to the drilling of additional development prospects surrounding the
main Ejulebe pool and the continued exploration of the balance of the 215,000
acre concession known as OML 109.
Profco trades on The Toronto Stock Exchange under the symbol ''PSO."
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For further information: Richard K. Jaggard, Vice President Finance,
(403) 262-5600, Fax: (403) 233-0746
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