Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Essex Resource Corporation Up Over 33%! (T.ESX) -- Ignore unavailable to you. Want to Upgrade?

To: Lou Weed who wrote (1377)	5/25/2000 10:10:00 AM
From: kfdkfd	Read Replies (2) \| Respond to of 1394

Essex Resource Corporation: Semhari East-1 Well Update VANCOUVER, BRITISH COLUMBIA--Mr. Ian Rozier, Chairman, announces that ARCO Ghadames Inc., the operator of the Hassi Bir Rekaiz project onshore Algeria, has provided the Company with a progress report on the testing operations of the Semhari East-1 well. Upon completion of the merger between BP Amoco and ARCO, BP reviewed the status and condition of the drill rig used on the Semhari East-1 well and recommended that certain improvements and upgrades to the rig be performed before completing the testing of the Semhari East-1 well and the subsequent mobilization of the rig to the next drill site. ARCO Ghadames Inc. estimates the remedial work on the rig should be completed on or about May 31st and testing of the well completed approximately one week thereafter. The testing operations to be performed on the Semhari East-1 well is over only one of the potential pay zones, the TAGI sandstone. As previously announced, log results from the Semhari East-1 were excellent, indicating a potential pay zone over two main reservoirs and RFT tests achieved good oil recovery. The data received from the logs also show a structural continuity between this well and the previously drilled discovery well 15 kilometres to the west. The data indicates a common oil/water contact that is deeper than previously calculated again suggestive of the large size of the structure. The next well to be drilled, the Sahara Mehadjer-1, will be located approximately 9 kilometres to the north, forming a triangle to the two wells already drilled. This next well will also test for continuity between all the wells on the structure. ARCO has estimated that upon confirmation of structural continuity, reserve potential on this structure could result in one of the largest new oil fields in this region.