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Gold/Mining/Energy : Southwestern Gold
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To: terry who wrote (161)8/30/1999 11:49:00 AM
From: Claude Cormier  Read Replies (1) of 585
 
Terry,

Here are the news by MAXY:

"Tuesday Jul 13 1999
Mr. S. Allen Jackson reports
The Sanhenan No. 1 well on the Yaan block in Sichuan Province, China, was drilled through the primary objective T3X2 formation to a total depth of 3,132 metres. Although logs run on the well indicated that several intervals in the T3X2 formation were potentially productive, tests on these intervals failed to produce natural gas in commercial quantities. Plans are being made to plug the well. "

SO that is why the private placement by SWG was done much below market price. They possibly guess that the 1st hole was a dud. The invesment by SWG is long term and had more to do with other MXY's land holdings.

Time will tell if this $2.8M investment will bear fruits.
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