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Gold/Mining/Energy : Essex Resource Corporation Up Over 33%! (T.ESX)
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To: Lou Weed who wrote (1377)5/25/2000 10:10:00 AM
From: kfdkfd  Read Replies (2) of 1394
 
Essex Resource Corporation: Semhari East-1 Well Update

VANCOUVER, BRITISH COLUMBIA--Mr. Ian Rozier, Chairman, announces
that ARCO Ghadames Inc., the operator of the Hassi Bir Rekaiz
project onshore Algeria, has provided the Company with a progress
report on the testing operations of the Semhari East-1 well.

Upon completion of the merger between BP Amoco and ARCO, BP
reviewed the status and condition of the drill rig used on the
Semhari East-1 well and recommended that certain improvements and
upgrades to the rig be performed before completing the testing of
the Semhari East-1 well and the subsequent mobilization of the rig
to the next drill site. ARCO Ghadames Inc. estimates the remedial
work on the rig should be completed on or about May 31st and
testing of the well completed approximately one week thereafter.
The testing operations to be performed on the Semhari East-1 well
is over only one of the potential pay zones, the TAGI sandstone.

As previously announced, log results from the Semhari East-1 were
excellent, indicating a potential pay zone over two main
reservoirs and RFT tests achieved good oil recovery. The data
received from the logs also show a structural continuity between
this well and the previously drilled discovery well 15 kilometres
to the west. The data indicates a common oil/water contact that
is deeper than previously calculated again suggestive of the large
size of the structure. The next well to be drilled, the Sahara
Mehadjer-1, will be located approximately 9 kilometres to the
north, forming a triangle to the two wells already drilled. This
next well will also test for continuity between all the wells on
the structure. ARCO has estimated that upon confirmation of
structural continuity, reserve potential on this structure could
result in one of the largest new oil fields in this region.
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