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Gold/Mining/Energy : Big Dog's Boom Boom Room -- Ignore unavailable to you. Want to Upgrade?

To: Tommaso who wrote (39658)	3/1/2005 9:39:17 AM
From: Condor	Respond to of 206209

I have not followed that stock They are also a producer and this was one of many planned wells. Earnings should be out soon and it is expected they will see earnings about .60/share in 05 ++++++++++++++++++++++++++++++++++++++++++++++++++++ TransGlobe Energy abandons Malaki No. 1 well 2005-02-28 13:32 ET - News Release Mr. Ross Clarkson reports TRANSGLOBE ENERGY CORPORATION ANNOUNCES UPDATE ON INTERNATIONAL OPERATIONS TransGlobe Energy Corp. has provided an operations update on block S-1, block 32 and block 72 in Yemen and on the Nuqra block in the Arab republic of Egypt. Block S-1, Yemen (25.0-per-cent working interest) Malaki No. 1, which commenced drilling on Jan. 18, 2005, has reached a total depth of 2,315 metres. The well is being plugged and abandoned after encountering minor hydrocarbon shows. The Lam A sandstone reservoirs were encountered structurally lower than the oil/water contact in the An Nagyah field and were water saturated. The drilling rig is preparing to move to the next drilling location at An Nagyah No. 15. The An Nagyah No. 15 well is planned as an 800-metre horizontal well in the northwest area of the An Nagyah field, adjacent to An Nagyah No. 12. The pipeline and facility construction for the An Nagyah field is on schedule with a planned startup in June, 2005. The An Nagyah field production is anticipated to increase to over 10,000 barrels of oil per day (2,500 barrels of oil per day to TransGlobe) when the facilities and pipeline are operational. A service rig is currently installing pumps on Harmel No. 1 and No. 2 in preparation for a long-term test. A three- to six-month production test is planned to determine stabilized production rates which will determine if a full-scale development of the Harmel field can proceed. Block 32, Yemen (13.81-per-cent working interest) The Tasour No. 16 well has been suspended after encountering six metres of oil pay overlying three metres of water-bearing sandstone. The dip metre indicates a structurally higher location can be reached by sidetracking the well to the south of the current bottom hole location. The sidetrack drilling is planned after Tasour No. 17. The rig is currently drilling Tasour No. 17 to test a possible eastern extension of the Tasour field. The eastern extension was identified on the recent 3-D seismic survey and by the Tasour No. 15 water injection well. Tasour No. 15 was drilled as a water injector nearby the central production facility and found a 2.5-metre oil column, which indicates the Tasour field could extend eastward. Block 72, Yemen (33-per-cent working interest) The block 72 production sharing contract has been approved by the cabinet and is currently before the Yemen parliament for final approval. Following parliamentary approval the block 72 partnership plans to acquire 3-D seismic to identify drilling locations. Drilling is anticipated to commence late in 2005 or early 2006. Nuqra block, Egypt (50-per-cent working interest) TransGlobe has obtained the older seismic on the Nuqra block and is currently reprocessing the data to improve the resolution. A new seismic acquisition program is anticipated to commence in the fourth quarter 2005. A field geological survey is also under way to investigate surface outcrops and oil seeps in the Nuqra area. It is expected that a drilling program will commence in late 2006.

To: Tommaso who wrote (39658)	3/1/2005 9:42:51 AM
From: big guy	Read Replies (1) \| Respond to of 206209

UPDATE 1-Petro-Canada joins UTS Energy oil sands project Tue Mar 1, 2005 06:49 AM ET (Adds details) NEW YORK, March 1 (Reuters) - Petro-Canada (PCA.TO: Quote, Profile, Research) , Canada's No. 4 oil producer and refiner by market value, on Tuesday said it was joining the Fort Hills oil sands mining project owned by UTS Energy Corp (UTS.TO: Quote, Profile, Research) . Under the agreement, approved by the boards of both companies, Petro-Canada will own 60 percent and operate the Alberta project while UTS will own the other 40 percent. To pay for its stake, Petro-Canada will fund 75 percent of UTS's share of the next C$1 billion of development capital, or C$300 million. Calgary-based UTS bought into the Fort Hills project last year, bought out its U.S. partner, and started scouting for a partner to help fund its development. Current plans calls for an initial mining development producing 50,000 barrels per, day but further development could expand production up to 190,000 barrels a day of bitumen. With Petro-Canada's involvement, the partners will now consider a range of options including a 100,000 barrels per day initial mining operation before finalizing the development plan. Petro-Canada said the partnership fit well with its strategy of adding more long-life assets to its portfolio and built on its oils sands plans and capabilities. The deal is subject to government and regulatory approvals.