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Gold/Mining/Energy : KERM'S KORNER

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To: Herb Duncan who wrote (8957)	2/11/1998 8:27:00 PM
From: Herb Duncan	Read Replies (1) of 15196

FIELD ACTIVITIES / Red Sea Oil Corporation Announces the Discovery of the En Naga North Oil Field ASE SYMBOL: RSO FEBRUARY 11, 1998 VANCOUVER, BRITISH COLUMBIA--Red Sea Oil Corporation ("RSO") is pleased to announce that it has completed a 40 day test program on the B1-NC177 well in the Sirte Basin, onshore Libya. The final test on the Facha formation flowed 728 barrels of oil per day ("BOPD") of 42 degrees API oil on natural flow. Mechanical problems precluded the running of an electrical pump in the well but calculations indicate a sustainable production rate of 1,800 - 2,500 BOPD in the development phase with a pump installed. The cumulative flow rate for the 5 test program was 6,517 BOPD. /T/ Test Formation Choke Pressure Oil Gas (64th) (PSI) BOPD MMSCFD ----------------------------------------------------- 1 Beda 64 201 725 3.4 2 Lower Zelten 32 220 303 0.5 3 Upper Zelten 80 487 4761 6.5 4 Facha 32 85 728 0.015 /T/ RSO is currently preparing an appraisal program which will consist of an infill seismic program planned to commence in February and at least two appraisal wells in the third quarter of 1998. The appraisal program will also be designed to test deeper structures not penetrated by the B1-NC177 well. Planning for early production is underway. An excellent oil pipeline infrastructure is in place in the area with a hookup less than 75 kilometres from the En Naga North Field (please see attached map). In parallel, a 1600 kilometre seismic acquisition program is now planned for the third quarter. This program will be designed to delineate existing leads on trend with the En Naga Field and to evaluate a virtually unexplored 7000 kilometre area within Block NC177 (please see attached map). RSO has a 60 percent interest in Block NC177 with Sands Petroleum AB holding 40 percent. Sands also owns in excess of 60 percent of RSO. ON BEHALF OF THE BOARD Ian H. Lundin, President Note: Location maps available from the Company at the phone number listed below.

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