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Gold/Mining/Energy : KERM'S KORNER

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To: Herb Duncan who wrote (8957)	2/11/1998 8:30:00 PM
From: Herb Duncan	of 15196

FIELD ACTIVITIES / Sands Petroleum and Red Sea Oil Announce the Discovery of the En Naga North Oil Field TSE SYMBOL: SPB NASDAQ SYMBOL: SANPY FEBRUARY 11, 1998 VANCOUVER, BRITISH COLUMBIA--Sands Petroleum AB is pleased to announce that a 40 day test program has been completed on the B1- NC177 well in the Sirte Basin, onshore Libya. The final test on the Facha formation flowed 728 barrels of oil per day ("BOPD") of 42 degrees API oil on natural flow. Mechanical problems precluded the running of an electrical pump in the well but calculations indicate a sustainable production rate of 1,800 - 2,500 BOPD in the development phase with a pump installed. The cumulative flow rate for the 5 test program was 6,517 BOPD. /T/ Test Formation Choke Pressure Oil Gas (64th) (PSI) BOPD MMSCFD ----------------------------------------------------- 1 Beda 64 201 725 3.4 2 Lower Zelten 32 220 303 0.5 3 Upper Zelten 80 487 4761 6.5 4 Facha 32 85 728 0.015 /T/ Sands Petroleum and Red Sea Oil are currently preparing an appraisal program which will consist of an infill seismic program planned to commence in February and at least two appraisal wells in the third quarter of 1998. The appraisal program will also be designed to test deeper structures not penetrated by the B1-NC177 well. Planning for early production is underway. In parallel, a 1600 kilometre seismic acquisition program is now planned for the third quarter. This program will be designed to delineate existing leads on trend with the En Naga Field and to evaluate a virtually unexplored 7000 kilometre area within Block NC177. Please see attached maps. Red Sea Oil has a 60 percent interest in Block NC177 with Sands Petroleum AB holding 40 percent. Sands Petroleum owns approximately 61 percent of the shares of Red Sea Oil. Note: Location maps available from the Company at the phone number listed below.

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