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Gold/Mining/Energy : Red Sea Oil Corporation (RSO)
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To: Timelord who wrote (21)10/22/1997 1:00:00 PM
From: Tomas  Read Replies (1) of 332
 
Terms of rights offering
Tuesday Oct 21 1997
Mr Ian Lundin reports

The shareholders of the company will receive one right for every four shares held as of November 5 1997. One right plus $1.25 entitles the holder to subscribe for one share of Red Sea. The rights expire on November 27 1997.
The rights will be posted for trading on the ASE on November 5 1997. The rights will be exercisable by shareholders resident in any jurisdiction in Canada other than those resident in Ontario, BC and Alberta or by shareholders whose recorded addresses are in the US.

Net proceeds, assuming that all of the rights are exercised, will be approximately $11,155,937. The proceeds will be used for the comany's oil exploration program onshore Libya. The company will be testing the large En Naga North prospect on block NC177. Block NC177 is in the highly prolific Sirte Basin from which daily oil production is in excess of 1.8 million barrels.

The En Naga North prospect is on structural and geological trend with the En Naga oil field operated by Veba 15km to the southeast of block NC177. Veba's En Naga oil field discovery contains 30 million barrels (42 degrees API) of recoverable oil.

The company's exploration well will be known as B1-NC177 and is expected to be drilled to a depth of approximately 8500 feet testing the En Naga North prospect at the Beda level. Drilling is anticipated to commence in early November.
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