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Gold/Mining/Energy : Santa Catalina Mining SLM.V

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To: average joe who wrote (14)	1/17/2001 12:22:31 PM
From: Greywolf	Read Replies (1) of 30

Oil well progressing smoothly and on schedule, Santa Catalina Mining Corp. is pleased to provide an update on the SEM-1 oil exploration well being drilled on the 3,192-square-kilometre Hassi Bir Rekaiz concession onshore Algeria. The company's partner, BP Amoco, has advised that drilling of the SEM-1 well is progressing smoothly and on schedule. The well is at a depth of 3,445 metres and is in the Triassic salt formation. This Triassic salt layer acts as a regional superseal to the Palaeozoic/Triassic Petroleum System. A 7-inch liner is currently being run in and cemented. Approximately 120 metres of coring is scheduled to commence shortly with the objective to collect core samples through all potential net pay zones in the Triassic and Ordovician sections. Planned total depth is approximately 3,800 metres. The SEM-1 is the third well to be drilled on the 283-square-kilometre (70,000 acres) Semhari mega-structure, following the two successful SMR-1 and SMRE-1 wells. The recently drilled SMRE-1 well was a 15 kilometre step out to the east of the SMR-1 discovery well and encountered good quality productive Triassic and Ordovician reservoirs as found in the SMR-1 discovery well. Data shows a continuous oil column of at least 60 metres in height is present between the two wells (top quality, light sweet crude of 40 degrees API). The SEM-1 well currently being drilled is a 10 kilometre step out to the north of these two wells with the objective to test the Triassic and Ordovician reservoir horizons in the northwest sector of the Semhari structure. The Semhari structure is one of the largest structures in northern Africa. Reserve potential on a structure this size is very significant and the company looks forward to continued success with the exploration program. The Hassi Bir Rekaiz concession in Algeria is located within a prolific oil producing region hosting some of the largest oil fields in the world. Over 4-billion barrels of new reserves have recently been discovered by the large multi-national oil companies operating in Algeria. Over the next several years, these companies will be investing multi-billions of dollars in Algeria as their major development projects get underway. Algeria is an OPEC member country and currently produces in excess of 1.3-million barrels of crude oil and condensate per day. Algeria has been an important oil producer without interruption since the 1960's. Santa Catalina's 50-per-cent owned subsidiary, Santa Catalina (Algeria) Ltd., holds a 25-per-cent interest in the Hassi Bir Rekaiz concession. ARCO Ghadames Inc. (BP Amoco) is the operator holding a 50-per-cent interest. Turkish Petroleum holds the remaining 25 per cent.

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