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Gold/Mining/Energy : Canadian Oil & Gas Companies
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To: Oil man who wrote (303)10/4/1996 12:05:00 PM
From: Kerm Yerman   of 24939
 
CANADIAN INTERNATIONAL OIL'S
MARKET WATCH 10/04/96

ABACAN WAITING GAME (ABC-TSE & ABACF-NASDAQ)

Abacan Resource Corp, down $0.25 to $10.15CDN, on volume of 2.5mil
shares in Toronto, down $0.125 to $7.50US, on volume of 1.5mil shares
on Nasdaq.

The stock climbed to a new intraday high as the market awaits results
from an Abacan oil well off the coast of Nigeria. A company spokesman
said Abacan had completed drilling on its Aje #1 deep water well and
expects to have test results available late next week. Drilling on the
well has suffered a series of delays , both mechanical and technical.

Abacan also said it is on target to begin production on its NGO fields
in Nigeria. Expected production is about 30,000 to 40,000 bbl's/d
by the end of 1996, increasing to 50,000 bbl's/d by 1997.
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