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Gold/Mining/Energy : Lundin Oil (LOILY, LOILB Sweden)
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To: Tomas who wrote (1083)5/20/1999 4:09:00 AM
From: Greywolf  Read Replies (1) of 2742
 
Significant oil discovery in Sudan

Thar Jath First Exploration Well in Sudan establishes a significant new oil discovery

IPC Sudan Limited ("IPC"), a wholly owned subsidiary of Swedish based Lundin Oil AB is pleased to announce the completion of the drilling and logging of the Thar Jath well in
Sudan. The well was drilled to a depth of 1820 metres and is currently being temporarily suspended in preparation for production testing. Petrophysical analysis of the primary
Bentiu and Aradeiba sandstone reservoirs indicates a substantial net pay interval which is further supported by excellent oil and gas shows and an oil gradient from RFT pressure
samples. Reservoir quality appears to be excellent from both electric log and sample analysis. Due to the impending onset of the rainy season and associated logistical
difficulties, the testing of the well will be postponed until the commencement of next year's dry season at the end of 1999.

The Thar Jath prospect is one of the largest structural features identified to date in the basin and is on trend with oil fields in blocks 1 and 2 which contain an estimated 500 to
800 million barrels of reserves currently being developed by the Greater Nile Petroleum Operating Company. The construction of their 1500 kilometer export pipeline is nearing
completion with first oil expected in Port Sudan by the end of June of this year. Pipeline capacity of up to 100,000 BOPD is available for third party users.
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