Cubacan Exploration (CCX - A.S.E.) Oil Exploration in Cuba Message Board

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Gold/Mining/Energy : Cubacan Exploration (CCX - A.S.E.) Oil Exploration in Cuba

CCX 17.14

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Sep 30 5:00 PM EST

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To: Jim Hitchie who wrote (49)	8/12/1997 11:54:00 AM
From: Jim Hitchie	of 223

Cubacan Exploration Inc CCX Shares issued 25491349 1997-08-11 close $0.7 Tuesday Aug 12 1997 Mr Allan Kent reports The company has entered into a drilling contract with Oil Drilling Services, a Cuban drilling joint venture, to supply drilling rigs for up to three wells to be drilled over blocks 16 and 17 on the island of Cuba. The ODS rigs are certified to North American standards. The agreement provides that ODS will drill two consecutive wells with one rig up to a depth of 3,000m and a third potential well as identified by the company. The initial well is to be commenced in October of 1997. The company's first well will be drilled on block 17 at the Farola North location near the town of Puerto Padre in the province of Las Tunas. Target depth is approximately 2,000m and the company expects that drilling will take 45 days. The company is in the process of finalizing the location of second and third wells to be drilled. It is anticipated that the second well will be commenced in December of 1997. The company has entered into discussions to consider financing proposals for its announced drilling program.

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