FIELD ACTIVITIES / Eurogas Corporation Announces Drilling Results
TSE SYMBOL: EUG
JULY 21, 1998
CALGARY, ALBERTA--Eurogas Corporation announced today that the
results of the drilling program on the Bazma permit in central
Tunisia have been received and assessed. The BZM-1 well was
drilled to a depth of 4109 meters. A vertical seismic profile,
biostratigraphic analysis and logs have confirmed that the well
encountered approximately 1000 meters of Middle Permian carbonates
in a reef-shaped structure which contained no reservoir. As a
result, the Company will abandon this well.
Eurogas has significant land positions in Tunisia, holding a 40
percent interest in the 500,000 acre Bazma permit, a 57 percent
interest in the 700,000 acre Sud Nefta permit and a 33 1/3 percent
interest in the 1,100,000 acre El Hamra prospecting permit, which
is currently being awarded. This represents a total of 2.3
million acres, which are strategically located in the Tunisian
sector of the prolific Ghadames Basin in North Africa. This
under-explored portion of Tunisia has recently become the focus of
industry attention and the Corporation's early entry provides
maximum exposure to significant oil and gas opportunities.
With the benefit of the geological information obtained from the
Bazma and Sud Nefta drilling programs, Eurogas will continue its
geological and geophysical exploration program over these
extensive land holdings.
Eurogas Corporation is an independent oil and gas company engaged
in the development of a major oil and gas field in Russia,
exploration for oil and gas reserves in Tunisia, developing a
major gas storage project in Spain and the exploration for and
production of oil and gas in Canada. The company is listed on the
Toronto Stock Exchange (TSE) under the symbol EUG.
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