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Gold/Mining/Energy : Parkcrest Explorations Ltd. - Discovery 4,116 BPD -- Ignore unavailable to you. Want to Upgrade?

To: Ed Ajootian who wrote (55)	1/2/1998 2:33:00 PM
From: Bob (Hijacked)	Read Replies (1) \| Respond to of 94

News.... Parkcrest Explorations Ltd PKC Fri 2 Jan 98 Mr Malcolm Butler reviews the company The company has drilled its first exploration well in Texas in January and February, in partnership with Dynamic Production, and encountered gas which is still under evaluation and testing. It is the signature of the agreement with Harken de Colombia at the beginning of the year and, the discovery at Palo Blanco in March which have provided the company with a solid base on which to build a substantial business. The rainy season is now at an end in the Llanos basin and activity is again picking up on the Alcaravan contract area. Harken is about to spud the Estero No. 3 development well on the Palo Blanco discovery, in which the company has a 25% beneficial interest. It is anticipated that trucking of test production from the Estero No. 1 discovery will begin in early January, provided that it can be done safely while the rig is drilling Estero No. 3 on the site. The company expects to participate in a 3D seismic survey over the discovery early next year and in the drilling of a third well on the prospect, Estero No. 4. Elsewhere on Alcaravan, the Canacabare No. 1 wildcat will be drilled on the Anteojos prospect, once the rig has completed Estero No. 3. This prospect looks very similar to the Palo Blanco structure. Parkcrest will pay 33.3334% of the costs of the wildcat to earn a 25% beneficial interest in the prospect.