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

To: kfdkfd who wrote (1381)	8/9/2000 1:18:41 PM
From: kfdkfd	Read Replies (2) \| Respond to of 1394

Essex Resource Corp: Drill Stem Test Confirms Second Successful Well On Semhari Structure VANCOUVER, BRITISH COLUMBIA--Mr. Ian Rozier, Chairman of Essex Resource Corporation (the "Company"), is pleased to announce the successful test of the Semhari East-1 well within the Hassi Bir Rekaiz concession, onshore Algeria. The test was performed over the upper 15 metres of the 36 metre TAGI sandstone, one of several oil bearing zones encountered during the drilling of the well. This interval tested at 853 barrels of oil per day of high quality light crude (40 (degree) API) and 350 mcfpd of gas per day on a 36/64 inch choke. An anaylsis of the test results indicate that this 15 metre interval has an oil production potential of at least 2,000 barrels of oil per day with an appropriate lift (pump) system. The Semhari East-1 well is located 15 kilometres away from the Semhari-1 discovery well and, of particular significance, not only has the Semhari East-1 well been proven successful on its own, but the data suggests a common oil column between the two wells of at least 70 metres (230 feet) in height. The partners are "encouraged with the exploration program so far and look forward to continued success with the next well." The next well to be drilled, the Sahara El Mehadjer-1, will be located approximately 9.5 kilometres to the north, forming a triangle with the first two wells. The overall objective of the drilling program is to determine whether the Semhari structure contains giant field size oil reserves and to define the geometry and productivity of the reservoirs. This next well will test the extension of the TAGI and Hamra reservoirs on the northern flank of the structure. The TAGI reservoir is the most prolific in the region and is responsible for the giant Anadarko, AGIP and Talisman/Burlington oil fields to the southeast. New oil fields in excess of 4 billion barrels have recently been discovered in the area. The drill rig is now in the process of being mobilized to Sahara El Mehadjer-1 location.