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Gold/Mining/Energy : Canadian Oil & Gas Companies

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To: Michael Mc Donough who wrote (4206)	11/25/1997 9:05:00 AM
From: RIK	Read Replies (1) of 24916

Michael /AQF NEW POOL OIL DISCOVERY IN U.K. Cirque Energy Ltd., AltaQuest Energy Corporation, Jordan Petroleum Ltd. and Courage Energy Inc. are pleased to announce a new pool oil discovery at the Fiskerton Airport No. 1 well in the United Kingdom. The Cirque operated well was drilled to a depth of 1580 meters. The well encountered oil in a 23 meter thick interval of a very porous Basal Westphalian Sandstone unit. A drill stem test over a 10.5 meter interval at the bottom of an 18 meter pay zone recovered clean oil to surface. The oil is a light gravity sour crude (36 API). The hole is currently being prepared to run production casing. This find is significant in the fact that it was drilled on a structure that appears to be approximately three square kilometers in size on 2D seismic. The pay column and size of the feature is similar to the Welton pool that contains in excess of 20 million barrels of recoverable reserves. Production testing will commence as soon as regulatory approvals are received and oil field testing equipment is available. A 3D seismic program will be undertaken to further define this new discovery. Cirque and its partners control 150,000 gross contiguous acres in this area of the East Midlands basin. Interests in this project are Cirque with 37.0% before payout (BPO); 48.2% after payout (APO), AltaQuest with 17.5% BPO; 24.5% APO, Jordan with 25.0% BPO; 15.0% APO and Courage with 17.5% BPO; 10.5% APO.

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