Anadarko tidbit:
Essex Resource Announces Semhari East No. 1 Well at 1,876m
VANCOUVER, BRITISH COLUMBIA--(BUSINESS WIRE)--Nov. 25, 1999-- (TSE:ESX.) Mr. Ian Rozier, Chairman, is pleased to report on 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 3,192km2 (788,000 acres) in the northern portion of the Ghadames basin in Northern Algeria where major reserves in excess of 4 billion barrels have recently been discovered by Anadarko, Agip, LL&E, Cepsa and BHP. ARCO conducted an extensive seismic program consisting of 1,500km of 2D seismic, after which they drilled two wells in 1996. A further 850km of seismic was shot in 1997 and this work delineated a large structural feature. Over US$70 million 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 November 15th, 1999 the Company announced that the Semhari East No. 1 Well had spudded, with a target depth of approximately 3,800m. Drilling on November 24th was at a depth of 1,876m and proceeding on schedule.
The Company is currently negotiating to acquire interests in other high profile oil and gas projects.
CONTACT:
Essex Resource Corporation
Barbara Dunfield, 604/685-6851
604/ 685-6493 (FAX)
Website: www.essexresource.com |
