CVL drilling operations in Algeria and EKHO reach target depth
CVL Resources Ltd CVL
Shares issued 37,247,500 May 5 close $0.80
Mon 8 May 2000 News Release
Mr. Ian Rozier reports
Current drilling operations in Algeria and Southern California have
successfully reached target depth.
Algeria
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
a 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.
Southern California
At the Ekho project in the San Joaquin Valley of Southern California, the
Ekho No. 1 well has reached its initial target depth of 19,085 feet.
Tri-Valley Oil and Gas are preparing the well for wireline logging in
anticipation of production testing.
CVL is very pleased with the progress in both Algeria and California and
further news releases will be made when the analyses of drill logs are
complete.
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