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Gold/Mining/Energy : Red Sea Oil Corporation (RSO)

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To: Donald Lickman who wrote (50)	12/28/1997 11:20:00 PM
From: Timelord	Read Replies (2) of 332

<<When you refer to "appraisal program" does this mean appraisal on the structure they just drilled?>> No, not on the one drilled. Looking over my notes, I believe what was actually said is that the appraisal program was going to be continued in June and would last six months to expand on seismic data already gathered. They did not expand on what area of the block they were going to be appraising, but I am inferring that it refers to the area in the South/Southeastern portion of NC-177 where the current prospect is, as there have been fewer surveys done there. Some of my notes are sketchy and there are numerous structures identified on the NC-177 block, as well as numerous areas not yet surveyed. <<Also are you aware of fields in the Basin in the Zelten level?>> Yes, quoted from the Sands 1996 annual report: "The Sirte Basin has the potential to overnight bring a smaller oil company to world fame. The best known example from Sirte is probably Occidental Petroleum, which through the Intisar find lay the foundation to become a 'major'" The Intisar gets most of its reserves from the Zelten level. It was mentioned as an example during the teleconference. There is one Paleocene and one Cretaceous Carbonate Reservoir to the North of NC-177, but I don't know what levels they produce from. All of the Veba Oil and Gas discoveries just to the east of NC-177, particularly those closest in the En Naga Reservoir, produce only from the Facha and Beda levels, and tested as relatively low output wells around 1500 bpd. As mentioned before, the Zelten oil shows were completely unexpected because they were not evidenced in the Veba block. Alex

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