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Gold/Mining/Energy : TransAtlantic Petroleum Corp (TNP.U - was Profco) -- Ignore unavailable to you. Want to Upgrade?

To: Bill Shugarue who wrote (111)	11/17/1997 5:56:00 PM
From: Bill Shugarue	Respond to of 270

Here is the latest information available............. Today the company announced that the bottom zone in the well being drilled in Benin contained negligible quantities of hydrocarbons. The most important part contained in todays press release was that they intend to test two zones, and the zone currently being tested, is the zone where they are expecting to have the best results. In the bottom zone they were unable to find any Repeat Formation Test readings. Apprently they have found Repeat Formation Test readings in the top zone. This is a very important difference between the two zones. They knew that there was a slim chance of making a discovery in the bottom zone, but if they were successful, the overall discovery could have been huge. The press release was sent to the TSE before the market opened today, but for some unknown reason, the news was not posted before the market opened. When the TSE saw the sharp drop in the share price at the open, the company was called. When it was discovered that in fact the news was sent, it was decided to halt the stock and cancel all trades. This was the right decision. Last week, I mentioned that we should see trading halted before the market opened on Tuesday. Apprently, sometimes they run into small problems when running this test. This time everything went according to plan, and this is the reason the news came earlier than expected. Profco said today that the tests should be completed by Thursday. If everything goes according to plan, we could see the news being released by Wednesday. On a different matter, the well being drilled by Eurogas in Tunisia should reach the top of the first zone by the end of this week. It will be the middle of next week before the casing is set. I can tell you one thing.......the company are still optimistic...... Remember, nothing is guaranteed.