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Gold/Mining/Energy : Scimitar Hydrocarbons, SIY:ASE -- Ignore unavailable to you. Want to Upgrade?

To: Yarek Szolomicki who wrote (605)	11/2/1999 9:36:00 AM
From: Alex Harrington	Read Replies (1) \| Respond to of 864

Here's some news: Scimitar Hydrocarbons Corporation CALGARY, Nov. 2 /CNW/ - Scimitar Hydrocarbons Corporation is pleased to announce that it has commenced drilling the first well (Issaran Well No. 10) of a development drilling program in the Issaran Field, Egypt, on October 31, 1999. Depending upon drilling results, up to four low risk vertical wells may be drilled in the program, which is expected to be completed by the end of 1999. These wells will target the Nukhul Formation at a depth of approximately 2500 ft, and it is expected that the Upper and Lower Dolomite formations will also be encountered. Production from the new development wells, if successful, will increase the current field production which has averaged over 750 BOPD since April 1999. It is expected that preliminary test results for the first well will be available by the middle of November 1999. All successful wells will be placed on production immediately after completion. THE ALBERTA STOCK EXCHANGE HAS NEITHER APPROVED NOR DISAPPROVED THE INFORMATION CONTAINED HEREIN. -30- For further information: Angus A. Mackenzie, President and Chief Executive Officer or Ms. M. Dalgado, Investor Relations, Tel: 1-800-933-8855, Tel: (403) 543-0333, Fax: (403) 543-0344, scimitar.ab.ca