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Gold/Mining/Energy : Red Sea Oil Corporation (RSO)
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To: Tomas who wrote (68)1/17/1998 4:04:00 PM
From: Donald Lickman  Read Replies (1) of 332
 
I understand the Zelton Formation flowed at 2000 BPD, this formation was the "great white hope", 5000 BPD plus was expected. Apparently there is some reservoir damage in the Zelton and acidizing significantly improved results and could continue to improve results in the future. The formation is highly porous and the reservoir may need time to "clean up" from drilling mud etc.
Testing of the Facha in progress.
The market had high expectations of a "boomer" in the Zelton formation and appears to be disappointed but there is a real discovery here and eventually the market will pay attention as the story unfolds.
Besides Libya has brutal fiscal terms on big discoveries so maybe a medium size field would be more economically advantages to a company the size of RSO.
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