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Gold/Mining/Energy : Essex Resource Corporation Up Over 33%! (T.ESX)
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To: andec who wrote (1347)2/10/2000 7:17:00 PM
From: andec  Read Replies (1) of 1394
 
Announcement

Essex Resource Corporation Announces Update On Drilling Operations In Algeria
VANCOUVER, BRITISH COLUMBIA--Mr. Ian Rozier, Chairman, is pleased to report on current drilling operations at Hassi Bir Rekaiz in northern Algeria.

ARCO, operators of the Semhari East-1 Well, are currently working on stabilizing circulation losses and establishing a cement bond between the seven inch liner and the open-hole. When this procedure has been completed drilling will proceed to the target intervals in the Triassic. To date all stratigraphic horizons intersected have been encountered close to initial predictions. The participants remain confident that the Semhari East-1 Well will be completed successfully, particularly so since the results reported by Burlington/Talisman/Sonatrach from their MLSE-3 appraisal well on the Menzel Lejmat Block 405a to the south of Hassi Bir Rekaiz. This well flowed at over 21,000 barrels/day and 26.2 million cubic feet of gas from three test intervals in the Triassic TAG-1 reservoir zone - one of the target zones in the Semhari East-1 Well. (See Burlington/Talisman news release dated January 25, 2000). The MLSE-3 Well demonstrates the oil producing potential of the Triassic TAG-1!
formation in Northern Algeria.

--------------------------------------------------------------------------------
Contact:

Essex Resource Corporation
Barbara Dunfield
(604) 685-6851
Website: www.essexresource.com
E-mail: ir@essexresource.com
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