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Gold/Mining/Energy : Red Sea Oil Corporation (RSO)
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To: Greywolf who wrote (171)8/14/1998 12:42:00 PM
From: Bart Hoenes  Read Replies (1) of 332
 
Red Sea Oil Corporation -
First appraisal well on En Naga North completed
Red Sea Oil Corporation RSO
Shares issued 41,700,000 1998-08-13 close $1.36
Friday Aug 14 1998
Also Lundin Oil AB (LOI)
Ms. Sophia Shane reports
The first appraisal well (B2-NC177) on the En Naga North field on block NC177 in Libya, has reached its total depth of 8,500 ft ahead of schedule and below budget. The well logs have proven the continuity of all the existing reservoirs tested in the B1-NC177 discovery well and established an oil water contact at the Lower Gir level (one of the two main reservoirs) which is lower than expected thus increasing the overall oil column at that level. Production testing was not considered necessary and the well has been suspended for re-entry at a later stage, once a development is approved. Current operation is to move the rig for the re-entry of the J1-85 well in order to evaluate the Lower Gir formation at that location. Following the completion of J1-85 the second appraisal well on the Naga North field, B3-NC177, will be drilled.
The company is currently incorporating all the new data with a view to updating the conceptual development plan and the overall estimated reserves of the En Naga North discovery. The field development plan is expected to be completed by the end of the year.
The regional seismic acquisition is continuing with over 200km of the new 1,600km seismic program completed. Preliminary results indicate the existence of several new structures to the south and southeast of En Naga North, which are likely to turn into drillable prospects once the full interpretation of the data has been carried out.
RSO is the operator of block NC177 with a 60 per cent interest. Lundin Oil AB, which also owns in excess of 60 per cent of RSO, holds the remaining 40 per cent.

(c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com

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