Essex drilling progress on Semhari East No. 1
Essex Resource Corporation ESX
Shares issued 25,569,667 Nov 25 close $0.45
Thu 25 Nov 99 News Release
Mr. Ian Rozier reports
The company has released its drilling progress on the Semhari East No. 1
oil exploration well on the Hassi Bir Rekaiz concession in Algeria.
The Hassi Bir Rekaiz block covers 3,192 square kilometres in the northern
portion of the Ghadames basin in Northern Algeria where major reserves in
excess of four billion barrels have recently been discovered by Anadarko,
Agip, LL&E, Cepsa and BHP. Arco conducted an extensive seismic program
consisting of 1,500 kilometres of 2-D seismic, after which it drilled two
wells in 1996. A further 850 kilometres of seismic was shot in 1997 and
this work delineated a large structural feature. Over $70-million (U.S.)
has already been spent to date on the Hassi Bir Rekaiz block. The Semhari
No. 1 discovery well flowed at a rate of over 1,800 barrels per day from
two zones in the triassic and ordovician. Subsequent seismic work in 1997
confirmed the possibility that this discovery could be part of a very large
structure. The Semhari East No. 1, which is being drilled 10 kilometres
updip from the discovery well, will test the potential of this structure.
On Nov. 15, 1999 (Stockwatch, Nov. 15),, the company announced that the
Semhari East No. 1 well had spudded, with a target depth of approximately
3,800 metres. Drilling on Nov. 24 was at a depth of 1,876 metres and
proceeding on schedule.
The company is currently negotiating to acquire interests in other
high-profile oil and gas projects.
(c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com
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