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Gold/Mining/Energy : CARMANAH RESOURCES LTD ( CKM - TSE )
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To: Orwell who wrote (250)1/18/1999 2:34:00 PM
From: Taff  Read Replies (1) of 269
 
ALL/FYI

Carmanah completion operations under way on Onado

Carmanah Resources Ltd CKM
Shares issued 41,800,000 Jan 15 close $0.45
Mon 18 Jan 99 News Release
Mr. R.A. Gusella reports
Completion operations are under way at the company's 23.4 per cent - owned
ONV - 78 well on the Onado area onshore Venezuela. The block is operated by
Compania General de Combustibles S.A. of Argentina with a 49.8 per cent
working interest.
The well was spudded on Aug. 28, 1998 and was drilled to a total depth of
16,370 feet. It encountered 829 gross feet of oil pay and 632 net feet of
oil pay. A total of 120 feet of core was obtained and the reservoir appears
attractive based on visual examination. The cores were oil-saturated with
good visual porosity. A full suite of logs was also run.
A liner is presently being run, and then testing operations will be
commenced. Thereafter, the well will be tied in and placed onstream and it
is expected to be a flowing oil well. Carmanah will report cumulative test
rates, flow rates, and reserves estimates as soon as they are available.
The operator has decided to defer the drilling of the second well scheduled
on the Onado area until it secures production results from ONV - 78. This
decision will be revisited at the next meeting of the participants.
(c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com

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