Red Sea Oil Corporation (RSO) Message Board

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Gold/Mining/Energy : Red Sea Oil Corporation (RSO)

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To: Timelord who wrote (21)	9/29/1997 8:21:00 AM
From: Tomas	of 332

Exploration to resume in Block NC177 by end of October Red Sea Oil CorporationÿÿÿÿÿRSO Shares issued 25,000,001 ÿÿÿSep 26 close $1.80 Mon 29 Sept 97 ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿNews Release Mr Ian Lundin reports Oil exploration is expected to resume in Block NC177 at the end of October. Block NC177 is in the highly prolific Sirte Basin, onshore Libya. Daily oil production from the Sirte Basin is in excess of 1.8 million barrels. The B1-NC177 well will test the large En Naga North prospect which is on structural and geological trend with the En Naga oil field operated by Veba 15 km to the southeast of Block NC177. Veba's En Naga oil field discovery contains 30 million barrels (42 deg API) of recoverable oil. The En Naga North prospect is also analogous to the Veba discoveries in terms of the structural timing and depositional environment and is close to what is believed to be the centre of oil generation for the Veba discoveries. The company expects the B1-NC177 well to be drilled to a depth of 8,500 ft testing the prospect at the Beda level. canada-stockwatch.com

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