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Microcap & Penny Stocks : TGL WHAAAAAAAT! Alerts, thoughts, discussion.
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To: SSP who wrote (10491)9/27/1999 10:23:00 AM
From: SSP  Read Replies (2) of 150070
 
DKIN - WEST GHARIB BLOCK, Egypt--(BUSINESS WIRE)--Sept. 27, 1999--The
Board of Directors of Drucker Industries Inc. ("Drucker" or the
"Company") is pleased to announce that the Hana-2 appraisal well has
been drilled and completed as a Middle Miocene Kareem sand oil well.
The well was perforated across the entire 76 feet net pay
interval. Following an initial clean up period, the well was
production tested with the assistance of a bottom hole pump. The well
produced at a stabilized rate of 2,180 barrels of oil per day (25.50
API gravity) with zero water cut. It should be noted that this test
rate was restricted to the capacity of the pump.
Plans are progressing to place both the Hana-1 and Hana-2 wells
on production as soon as possible while permanent facilities are being
built. Additional development drilling is scheduled for later this
year which will further boost field production in early 2000.
The West Gharib Block is the largest concession (625,000 acres)
awarded in the Gulf of Suez, Egypt. The Joint Venture partners are
proceeding to conduct extensive 3-D seismic surveys on a number of
prospects throughout the concession which hold considerable
exploration potential.
Drucker Petroleum Inc., a wholly owned subsidiary of Drucker
Industries, Inc., holds a 20% interest. Tanganyika Oil Company Ltd.,
through its wholly owned subsidiary Dublin International Petroleum
(Egypt) Limited, is the operator of the West Gharib block holding a
50% interest and GHP Exploration (West Gharib) Ltd., a wholly owned
subsidiary of TransAtlantic Petroleum (USA) Corp. holds the remaining
30% interest.
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