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Gold/Mining/Energy : TYK (VSE) Tanganyika Oil -- Ignore unavailable to you. Want to Upgrade?

To: Greywolf who wrote (280)	5/2/2000 7:18:00 AM
From: Greywolf	Respond to of 500

Field Development Program Completed at Hana Field in Egypt, The Board of Directors of Drucker Industries Inc. ("Drucker" or the "Company") is pleased to announce that the current development program in the Hana Field of the West Gharib Block in the Gulf of Suez Basin, Egypt has been completed. The Hana-3 well, drilled on the northern extremity of the reservoir, encountered 32 feet of net oil pay and is presently being equipped as an oil producer. The Hana-4 and Hana-5 wells were successfully drilled along the fault plane defining the western edge of the reservoir. Each of these wells encountered over 65 feet of net pay, similar to the Hana-2 well which is producing at a stabilized rate of 1,500 barrels of oil per day. The sixth well in the program, which was drilled as a stepout location approximately 1.4 kilometers to the southeast of the Hana-1 discovery well, encountered 18 feet of net pay. With all six completed wells on stream, oil production is expected to be boosted from the current 2,000 barrels per day to over 5,000 barrels per day. To date, the Hana Field has produced approximately 200,000 barrels of oil, which have been delivered to market by truck. Award of tenders for construction of permanent oil handling facilities is presently underway and on schedule. The joint venture partners plan to further evaluate the Hana structure and similar offsetting features with a new 3D seismic program covering approximately 48 square kilometers. This survey will commence almost immediately and is designed to validate additional prospects to be drilled on the West Gharib Block. Drucker has a 20% working interest in West Gharib Block. In Algeria, Drucker is pleased to report that the Semhari East-1 oil exploration well is currently at a depth of 3,825 meters. To-date, the coring program has given positive indications for the well. Drucker has an indirect 2.5% in the project. SANTA CATALINA MINING SLM.V Is another Lundin company that has interests in Algeria.