American InternationalPetroleum Updates Drilling Progress of Altai No.1 Well in
Kazakhstan
December 22, 1998 12:36 PM
NEW YORK--(BUSINESS WIRE)--Dec. 22, 1998--American International Petroleum
Corporation AIPN today announced its Altai No. 1 well in Kazakstan has reached a total
depth of 919 meters, thus completing the Company's minimum work program obligation for
the contract year 1998. A 14 meter drilling break was encountered at the top of the Eocene
Tasaran horizon at 643 meters and continued to 657 meters. This interval corresponds to the
mapped seismic anomaly of the 253,300 acre Altai gas feature estimated to contain potential
recoverable reserves of 737 billion cubic feet.
The Company is encouraged by the presence of gas encountered during drilling. Current
plans are to log the existing hole as a conservative measure before deciding to continue
drilling to the next exploration target at 1,100 meters. Logging results will be announced
shortly.
Altai No. 1 is the first well to be drilled by the Company on the Altai seismic anomaly,
estimated by independent consultants to have the potential of containing 737 billion cubic feet
of gas. Altai No. 1, located about 140 miles south of Aktubinsk, is being drilled on the largest
of eight seismic anomalies identified by the Company's recent seismic program over the area,
and will complement the results of six other wells previously drilled on the anomaly.
American International Petroleum Corporation is a diversified petroleum company which,
through various wholly owned subsidiaries, is involved in oil and gas exploration and
development in Kazakhstan, and in refining, marketing and transportation of petroleum
products in the United States.
Statements herein may be identified as forward-looking for purposes of safe harbor
provisions under Section 21E of the SEC Act of 1934. Such statements relating to the
Company's future business are subject to risks and uncertainties that could cause actual
results to differ materially from those statements, and other risks and factors, identified in the
Company's SEC filings.
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