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Gold/Mining/Energy : KERM'S KORNER

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To: Kerm Yerman who wrote (8638)	1/23/1998 9:52:00 PM
From: Kerm Yerman	of 15196

FIELD ACTIVITY / Chauvco Resources International Exploration Update CRI DRILLING UPDATE CALGARY, Jan. 23 /CNW/ - Chauvco Resources International Ltd. is currently drilling an exploratory well to test the Fourou Plage sands beneath the producing Gamba pool in the Remboue field. This well is programmed to be drilled to a total depth of 4,800 feet by the end of the month, following which the drilling rig will be released. Prior to spudding the Fourou Plage test well, a horizontal well was drilled to evaluate the potential of the Remboue East pool. This well encountered oil staining in the uppermost part of Gamba formation and produced water on production test. The results of this well do not support the presence of proven oil reserves in the Gamba formation at Remboue East. Chauvco is releasing the slim-hole rig used to drill shallow exploratory wells on the Remboue Permit. Of the three wells drilled to date outside of the Remboue producing field, one well had minor oil shows and two wells were water-bearing in the target Gamba horizon.

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