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Date:
Fri, 12 Jul 1996 08:24:32 -0000
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Canadian Corporate News --- Hot Off The Wire
News Release for INTERNATIONAL PETROLEUM CORPORATION
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NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS
FOR: INTERNATIONAL PETROLEUM CORPORATION
NASDAQ SYMBOL: IRPPF
TSE SYMBOL: IRP
JULY 12, 1996
IPC Commences Exploration and Production Programs
in Libya and Malaysia
VANCOUVER, BRITISH COLUMBIA--INTERNATIONAL PETROLEUM CORPORATION ("IPC") is
pleased to announce that the seismic acquisition program onshore Libya is
more than 60 percent complete with 460 km of new seismic data acquired
leaving a balance of 290 km remaining. The survey, which is being carried
out on Block NC177, is designed to prove up prospects and leads previously
identified, as well as provide coverage over remaining areas. Block NC177
is one of the few blocks within the highly prolific Sirte Basin which has
remained relatively unexplored. In total, 21 fields, each having more than
one billion barrels of original oil in place, have been identified in Libya.
Nineteen of these lie within the Sirte Basin.
In addition to identifying several additional potential prospects, early
results show that the quality of the data is very high and
have confirmed that the main prospect, Farah North, has north-south
closure. A number of significant discoveries made by Veba on
Concession 72 located immediately to the east of Block NC177,
including one recent discovery in the 100 million barrels of oil
recoverable plus range, brings new dimension to the prospectivity
of the Farah trend on Block NC177. Two exploratory wells are
scheduled to be drilled on Block NC177 back-to-back commencing on
or about December 1, 1996.
International Petroleum Libya Limited ("IPLL"), a wholly-owned
subsidiary of IPC, holds a 60 percent interest in the IPLL
Consortium Joint Venture covering the Libya I and II Concessions,
and Sands Petroleum AB holds a 40 percent working interest. IPC
has entered into an agreement with Red Sea Oil Corporation ("RSO"),
a public company whose shares trade on the Alberta Stock Exchange,
pursuant to which RSO will acquire from IPC all of the shares of
IPLL. IPLL will therefore be a wholly-owned subsidiary of RSO.
The agreement is subject to regulatory and RSO shareholder
approval. IPC currently owns 50 percent of RSO.
Offshore Malaysia, activity has picked up on Block PM3 with the
commencement of a 3D seismic acquisition program covering an area
of 357 square kilometres over the Pakma-Orkid structural complex.
The Pakma-Orkid complex contains about 30 percent of the known gas
reserves and 15-20 percent of the known oil reserves on Block PM3
with the balance of the reserves within Kekwa-Raya.
Meanwhile, drilling on the third appraisal well, known as Bunga
Kekwa A-2, is proceeding with the well reaching total depth of
8,880 feet on July 7, 1996. It is proposed to kick off
horizontally into the main oil zone and drill a 400 foot horizontal
section before completing the well as a producer. Two additional
wells are planned on the Bunga-Kekwa structure as part of the
ongoing 5-well appraisal program. The first two appraisal wells,
Bunga Kekwa A-1 and Bunga Raya-2, flowed 14,700 and 11,528 barrels
of oil per day respectively. Bunga Raya-2 also flowed 100 million
cubic feet per day of gas.
IPC holds 26.44 percent, Sands Petroleum AB holds 15 percent and
Petronas Carigali Sdn Bhd holds 12.5 percent of the PM3 venture.
IPC is a Canadian company, exclusively engaged in international oil
and gas exploration and production. IPC's shares are listed on The
Toronto Stock Exchange (symbol "IRP") and on NASDAQ (symbol
"IRPPF") and on the Stockholm Exchange.
ON BEHALF OF THE BOARD
"Ian H. Lundin"
President
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FOR FURTHER INFORMATION PLEASE CONTACT:
International Petroleum Corporation
Ian H. Lundin
President
(604) 689-7842 |
