Red Sea Oil Corporation (RSO) Message Board

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

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To: Timelord who wrote (149)	4/11/1998 1:41:00 AM
From: Tomas	Read Replies (1) of 332

Marten: The two appraisal wells will be drilled this summer, according to Lundin Oils' press release, not in October as originally planned. The pipeline from En Naga North will have a maximum capacity of 50000 bopd. To produce that much they need oil reserves in excess of 160 million barrels. I believe they have 150-180 million barrels, it's fair to assume that the 84 million barrels now established after the first well = 50% of total reserves. It's a new oil field, you can NEVER prove all the oil reserves at this stage. They have only drilled one well so far! As to horizontal drilling, it's expensive but increases output substantially. Zeltens' 4700 bopd could easily become 10000 bopd or more. <<You would think they could at least issue a separate news release>> True, but they are up to something, I'm not sure what. RSO WILL issue a detailed news release, but they are still waiting for something. Alex: <<I was surprised to find my SI musings plastered all over the Internet search engines...>> ???

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