Kestrel Energy (KEST): California & Australia Plays Message Board

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Gold/Mining/Energy : Kestrel Energy (KEST): California & Australia Plays

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To: YOYO who wrote (25)	4/5/1999 9:33:00 PM
From: Ed Ajootian	of 37

DENVER, April 5 /PRNewswire/ -- Kestrel Energy, Inc. (Nasdaq: KEST - news), an oil and gas exploration and production company, today announced that Apache Northwest Pty Ltd, the operator of WA-254-P in Australia's offshore Carnarvon Basin, has successfully flow-tested the Saffron Sandstone of the Sage-1 well. Kestrel Energy holds a 3% interest in the Sage prospect. The results of the well and the flow tests are being interpreted and will be integrated into the 3-D seismic data to determine where subsequent drilling will take place. Further drilling will be necessary to determine the magnitude and commercial nature of the discovery as well as how the prospect will be developed for production. Further flow testing has been postponed as the severe tropical cyclone Gwenda is headed to the area. The operator's current plans are to abandon the well and move off the rig. The operator flow tested the Saffron Sandstone at a depth of 1909 to 1934 meters, at a rate of 2155 barrels of oil a day with 522 flowing tubing pressure on a 1/2-inch choke, 48.5 degree gravity oil with 425 MCF gas and no water. Additional testing was done on a 3/8-inch choke resulting in 1131 barrels of oil a day with 577 flowing tubing pressure with 330 MCF gas and no water. Timothy L. Hoops, Kestrel's president, said, ''We believe the flow test results achieved to date from the Saffron Sandstone to be a significant step in determining the commercial value of the Sage Oil Field....." ******************************************************************* YOYO, looks like the unbroken record of failures is now broken! Are you still in this stock? I think we will see $2 easy tomorrow, maybe even $2.50. Folks are gonna buy this stock now that it has demonstrated success and also has such high potential with their PNG well that is due to spud in just a few weeks.

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