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Gold/Mining/Energy : KERM'S KORNER
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To: Kerm Yerman who wrote (14877)1/19/1999 12:27:00 PM
From: Kerm Yerman  Read Replies (2) of 15196
 
FIELD ACTIVITIES / Kappa Energy Prepares To Spud Well In Colombia

CALGARY, Jan. 19 /CNW/ - Kappa Energy Company Inc. announced today that
it has commenced operations on its first exploratory well in Colombia. The
company has signed a contract with Marlin Colombia Drilling Co. Inc. to drill
the Samarkanda-1 prospect on the 85% owned Chipalo Block in the Upper
Magdalena Valley. At this time, the rig is 35% mobilized to the location and
the contractor estimates that the well will spud on the 29th of January.

The Samarkanda-1 well will test the lower Tertiary Doima formation at a
depth of approximately 3500' at a location 25 meters northwest of a
stratigraphic test drilled by Texaco in 1957. That well, Strat-3, encountered
32' of net oil pay in the Doima formation and on test recovered 30 degree API
oil. The well was not completed or produced. Samarkanda-1 is anticipated to
require 12 days to drill, test and case.

Kappa estimates that the Samarkanda structure could contain up to 6
million barrels of recoverable oil at the Doima level. Beneath the Doima, at
approximately 7000', an additional larger prospect has been identified in the
Cretaceous Guadalupe formation. This prospect will be tested at a later date
either by deepening Samarkanda-1 or by a separate well bore. An operational
decision on how to proceed will be made following the test results on
Samarkanda-1. Kappa plans to drill at least one additional well in Colombia
during 1999. The oil price environment and economic considerations will
dictate additional activity.

Kappa Energy is a Calgary-based oil and gas company with international
exploration operations.

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