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Gold/Mining/Energy : Scimitar Hydrocarbons, SIY:ASE
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To: Bert Zed who wrote (677)12/15/1999 8:54:00 AM
From: Alex Harrington  Read Replies (1) of 864
 
Here's some news:

Production Results of Well No. 11 - Issaran Field, Eqypt

CALGARY, Dec. 15 /CNW/ - Mr. Angus A. Mackenzie, Chairman of the Board of
Directors and Chief Executive Officer of Scimitar Hydrocarbons Corporation is
pleased to announce that Scimitar has completed the Issaran Well No.11, the
second well of its current drilling program in the Issaran oil field, Egypt.
The well was drilled to a total depth of 2,432 feet on November 25, 1999. It
encountered 35 feet of net pay in the Gharandal and 48 feet in the Dolomite
formation. The well was perforated in the Gharandal section as a first step
to test flow rates in early December 1999. First 24 hours of production
averaged 150 BOPD. After evaluation of the Gharandal zone and optimizing the
well by installing a PC pump in early January 2000, the Company plans to
perforate the 48 feet of net pay in the Dolomite formation in the near future.
The Issaran well No.11 was drilled on a separate fault block and opens up
a new area of the oil field for further development drilling.
Scimitar plans to drill Issaran Well No.12, the third well of its
development program, in mid. January 2000. This well will be drilled as an
offset to the Issaran well No.10. A program of continuous development
drilling is proposed thereafter.
Scimitar has 100% interest in the Issaran oilfield, Egypt, comprising an
area of 75 square kilometres.
THE CANADIAN VENTURE EXCHANGE HAS NEITHER APPROVED NOR DISAPPROVED THE
INFORMATION CONTAINED HEREIN.

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