seems like alot of barrels /day
International Petroleum Corporation
Sophia Shane Corporate Development(604) 689-7842
The Vancouver Stock Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of the content.
NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS
FOR: INTERNATIONAL PETROLEUM CORPORATION
TSE SYMBOL: IRP NASDAQ SYMBOL: IRPPF OCTOBER 25, 1996
International Petroleum Corporation Completes Highly
Successful Appraisal Well Program on Block PM3, Offshore Malaysia
VANCOUVER, BRITISH COLUMBIA--INTERNATIONAL PETROLEUM CORPORATION
("IPC") is pleased to announce the completion of the 5th and final
well of a highly successful appraisal well program on Block PM3,
offshore Malaysia (also known as the Commercial Arrangement Area
between Malaysia and Vietnam).
The 5th well, known as Bunga Kekwa A-4, flowed a total of 14,462
barrels of oil per day. The well was drilled to a total depth of
8,458 feet in a record 8 days and penetrated three major oil sand
reservoirs and evaluated the hydrocarbons in several other zones
seen the original A-1 discovery well. Please see attached map.
Bunga Kekwa A-4 was tested over two zones and it suspended as a
dual oil producer. The first test flowed 7,817 barrels per day of
38.3 API gravity oil on a 115/64 inch choke with 4.1 mmscfgpd and
a flowing wellhead pressure of 454 psi from the J70 formation.
The second test flowed 6,645 barrels per day of 37.7 API gravity
oil on a two inch choke with 4.25 mmscfgpd and a pressure of 429
psi from the I90 formation.
All five appraisal wells will be completed as producers and the
Clearways Atwood Hunter rig has now been released. The PM3
appraisal program has returned exceptional results and commercial
production is scheduled for July, 1997.
IPC holds 26.44 percent, Sands Petroleum AB holds 15 percent,
Petronas Carigali Sdn Bhd holds 46.06 percent and PetroVietnam
Exploration and Production (PVEP) holds 12.55 percent of the PM3
joint venture.
IPC is a Canadian company, exclusively engaged in international
oil and gas exploration and production. It'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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