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Gold/Mining/Energy : Essex Resource Corporation Up Over 33%! (T.ESX)
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To: Lorne who wrote (1372)5/8/2000 3:40:00 PM
From: Tomsr  Read Replies (1) of 1394
 
ssex's drilling in Algeria reaches target depth

Essex Resource Corporation ESX
Shares issued 25,569,667 May 5 close $0.82
Mon 8 May 2000 News Release
Mr. Ian Rozier reports
The current drilling operation in Algeria has successfully reached target
depth.
The Semhari East No. 1 well reached its forecast total depth of 3,900
metres on May 5. The well has intersected significant sections of the TAGI
sandstone and the Hamra quartzite, the oil producing intervals in the
discovery hole, Semhari No. 1 well, which flowed in excess of 1,800 barrels
per day. The potential of the TAGI sandstone and the Hamra quartzite was
recently demonstrated at the Burlington/Talisman/Sonatrach discovery which
flowed at 21,000 barrels a day (see Stockwatch Feb. 28, 2000).
The Hassi Bir Rekaiz concession covers 788,000 acres in the northern
portion of the prolific Ghadames basin, where oil reserves in excess of
four billion barrels have been reported. Algeria is an OPEC member country
and currently produces approximately 1.4 million barrels a day of light,
high-quality crude oil. Excellent infrastructure is in place including
excess pipeline capacity within 65 kilometres. Several major nearby
development projects are under way.
ESX is very pleased with the progress in Algeria and further news releases
will be made when the analyses of drill logs are complete.
(c) Copyright 2000 Canjex Publishing Ltd. canada-stockwatch.com
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