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Gold/Mining/Energy : Red Sea Oil Corporation (RSO) -- Ignore unavailable to you. Want to Upgrade?

To: Greywolf who wrote (249)	10/13/1999 8:58:00 AM
From: Greywolf	Read Replies (1) \| Respond to of 332

Libya: Update on exploration well C1-NC177, International Petroleum Libya Limited ("IPLL"), a subsidiary of Lundin Oil AB ("Lundin Oil") is pleased to provide the following update on the progress of the C1-NC177 exploratory well currently being drilled on the Haruj A Prospect in Area NC177 Onshore Libya. The well was spudded on August 8th 1999 and the 9-5/8 inch casing was set at 8,830 feet on September 23rd 1999. Electric logs and pressure data were acquired down to 8,830 feet and their log interpretation has identified two potential pay zones in the Gir formation which will be drillstem tested once the well reaches its final total depth. The well was subsequently drilled to 10,665 feet to investigate further potential pay zones at which point overpressure was encountered in the 8« inch hole resulting in the drillpipe getting mechanically stuck. Remedial action has been taken, the hole is being sidetracked and drilling operations are proceeding. As a result the well is now expected to reach its final depth near the end of October, when a two to three week testing programme will commence. Red Sea Oil Corporation ("RSO") is the operator of Area NC177 and holds a 60% interest. The remaining 40% interest is held by Lundin Oil which also owns approximately 58% of the outstanding shares of RSO. For further information, please contact: Magnus Nordin Tel: +46 8 440 54 50 lundinoil.com