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Gold/Mining/Energy : Essex Resource Corporation Up Over 33%! (T.ESX)
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To: kfdkfd who wrote (1381)8/9/2000 1:18:41 PM
From: kfdkfd  Read Replies (2) of 1394
 
Essex Resource Corp: Drill Stem Test Confirms Second
Successful Well On Semhari Structure

VANCOUVER, BRITISH COLUMBIA--Mr. Ian Rozier, Chairman of Essex
Resource Corporation (the "Company"), is pleased to announce the
successful test of the Semhari East-1 well within the Hassi Bir
Rekaiz concession, onshore Algeria. The test was performed over
the upper 15 metres of the 36 metre TAGI sandstone, one of several
oil bearing zones encountered during the drilling of the well.
This interval tested at 853 barrels of oil per day of high quality
light crude (40 (degree) API) and 350 mcfpd of gas per day on a
36/64 inch choke. An anaylsis of the test results indicate that
this 15 metre interval has an oil production potential of at least
2,000 barrels of oil per day with an appropriate lift (pump)
system.

The Semhari East-1 well is located 15 kilometres away from the
Semhari-1 discovery well and, of particular significance, not only
has the Semhari East-1 well been proven successful on its own, but
the data suggests a common oil column between the two wells of at
least 70 metres (230 feet) in height.

The partners are "encouraged with the exploration program so far
and look forward to continued success with the next well."

The next well to be drilled, the Sahara El Mehadjer-1, will be
located approximately 9.5 kilometres to the north, forming a
triangle with the first two wells. The overall objective of the
drilling program is to determine whether the Semhari structure
contains giant field size oil reserves and to define the geometry
and productivity of the reservoirs. This next well will test the
extension of the TAGI and Hamra reservoirs on the northern flank
of the structure. The TAGI reservoir is the most prolific in the
region and is responsible for the giant Anadarko, AGIP and
Talisman/Burlington oil fields to the southeast. New oil fields
in excess of 4 billion barrels have recently been discovered in
the area.

The drill rig is now in the process of being mobilized to Sahara
El Mehadjer-1 location.
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