Friday January 19, 8:10 am Eastern Time
Press Release
SOURCE: ADAIR INTERNATIONAL OIL & GAS, INC.
ADAIR Advances Operations on Yemen Venture, Names Drilling Manager
HOUSTON, Jan. 19 /PRNewswire/ -- John W. Adair, Chairman of ADAIR INTERNATIONAL OIL & GAS, INC. (OTC Bulletin Board: AIGI.OB - news) announced the naming of a drilling manager for the Company's Yemen Operations.
Mr. Carlos Proenca has been named as the drilling manager for ADAIR YEMEN Exploration Ltd., operator of the Block 20 project in Yemen. Mr. Proenca, who has extensive drilling experience in Yemen, will reside in Yemen and be responsible for the engineering design and operational oversight for drilling operations currently scheduled for 2001. Mr. Proenca is a twenty year veteran of international drilling projects in Angola, Venezuela, Colombia, Gabon, Cameroon, Argentina, France as well as Yemen. Mr. Proenca's services are provided through a consulting contract with FORAID, located in Montrouge, France.
``We are lucky to have found this depth of experience for our Yemen team. It is rare to find someone with Carlos' breadth of knowledge that also happens to know specifically how operations are conducted here in Yemen,'' said Gene Ackerman, General Manager for Adair Yemen. ``The key to a successful international project is to hire good people and plan well ahead for the operation,'' said Mr. Richard G. Boyce, president of ADAIR YEMEN Exploration Ltd. in welcoming Mr. Proenca.
Drilling operations are currently scheduled to follow the acquisition and interpretation of a minimum of 300 square kilometers of 3D seismic over prospects already identified in the block. It is anticipated that seismic recording could begin as early as March 2001.
Block 20 is located in the heart of the prolific production (currently 160,000 barrels of oil per day) operated by YEMEN HUNT OIL COMPANY. Cumulative production from this area is projected to approach 1.0 billion barrels by the end of 2005. The pipelines and export facilities already in place afford the opportunity to bring any newly discovered oil in Block 20 to market within short time frames and at minimal cost. ADAIR projects 340 million barrels of recoverable reserves from Block 20.
ADAIR is the operator of Block 20 with partners OCCIDENTAL and SABA OIL.
ADAIR INTERNATIONAL OIL & GAS, INC. is headquartered in Houston, Texas and has offices in Dallas, Texas; Bogota, Colombia; and Sana'a, Yemen. For more information visit its website at www.aigionline.com.
This news release contains forward-looking statements within the meaning of Securities Litigation Reform Act that involves risk and uncertainties, including exploration, development, operational and marketing and implementation risks, and other facts described from time to time in the company's public available SEC reports which could cause results to differ materially.
SOURCE: ADAIR INTERNATIONAL OIL & GAS, INC.
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