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Gold/Mining/Energy : KERM'S KORNER
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To: Kerm Yerman who wrote (7817)12/9/1997 9:17:00 PM
From: Herb Duncan  Read Replies (1) of 15196
 
FIELD ACTIVITIES / Red Sea Oil: Libyan Well Update

ASE SYMBOL: RSO

DECEMBER 9, 1997


VANCOUVER, BRITISH COLUMBIA--Red Sea Oil Corporation (the
"Company") is pleased to announce that the B1-NC177 well has
reached a depth of 6,837 feet and is currently coring the top of
the main "Zelten" reservoir after encountering additional oil and
gas shows. Indications are that the porous limestone which is
being cored could be a reefal build-up.

Furthermore, the upper section from 5,400 feet to 6,700 feet,
where very strong oil and gas shows were encountered while
drilling, was logged and RFT pressure points were acquired in the
main zone of interest. The first pass of the log interpretation
has confirmed the presence of two pay zones with a combined net
pay of over 120 feet. The Company plans to run at least two
production tests on this upper section.

Drilling will continue through the remaining section of the main
Zelten reservoir and down to the "Beda" formation (limestone
reservoir) which is also one of the main targets of this well.
Final total depth is estimated at 8,500 feet below ground level.

Red Sea Oil is the operator and holds a 60 percent interest in the
Block. Sands Petroleum AB holds the remaining 40 percent
interest.

ON BEHALF OF THE BOARD

Ian H. Lundin, President
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