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Gold/Mining/Energy : Red Sea Oil Corporation (RSO) -- Ignore unavailable to you. Want to Upgrade?

To: Bob (Hijacked) who wrote (26)	11/7/1997 10:49:00 AM
From: Bob (Hijacked)	Read Replies (1) \| Respond to of 332

News: Red Sea Oil Corporation RSO Shares issued 35,514,508 Nov 6 close $1.35 Fri 7 Nov 97 News Release Mr Ian Lundin reports The B1-NC177 oil exploration well was spudded on November 6 1997 on the En Naga North prospect in block NC177. It is anticipated that drilling will take approximately 43 days to complete. The well will be drilled to a depth of approximately 8,500 feet testing the prospect at the Beda level. The En Naga North prospect is on structural and geological trend with the En Naga oil field operated by Veba 15km to the southeast. Veba's discovery well tested over 1,500 barrels of oil per day at the Facha and Beda level. (Beda and Facha refer to a particular type of rock formation and are the primary oil producing formations in the region.) The En Naga North prospect is also analogous to the Veba discoveries in terms of the structural timing and depositional environment and is close to what is believed to be the centre of oil generation for the Veba discoveries. Both Red Sea Oil's and Veba's blocks are in the highly prolific Sirte Basin onshore Libya. Daily oil production from the Sirte Basin is in excess of 1.8 million barrels. In addition, Red Sea Oil commenced geological and geophysical studies in the eastern extension of block NC177. Initial findings have been encouraging and show multiple analogies with existing oil fields of significant size in the Sirte Basin. A seismic acquisition campaign is scheduled to start at the end of March 1998 for the purpose of firming up drillable prospects. Red Sea Oil is the operator of block NC177 with a 60% interest. Sands Petroleum AB holds the remaining 40% interest.