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Gold/Mining/Energy : Canadian Oil & Gas Companies -- Ignore unavailable to you. Want to Upgrade?

To: RIK who wrote (4446)	1/10/1998 11:39:00 AM
From: RIK	Respond to of 24927

ALL / CIQ,CEO,AQF For those people following the UK onshore oil play [did not see this press release at the Korner ] UK Completion Commences - Domestic Update CALGARY, Jan. 09 /CNW/ - FISKERTON AIRFIELD No. WELL UK - Cirque has received the approval for both the completion of its new pool discovery in the UK and a 60 day production test. Completion of Fiskerton will commence on January 10, 1998. The well is expected to be turned over to the production testers on January 20th. A total of 30 feet of the 60 foot oil pay zone will be perforated. The long term production test is expected to begin on February 1st, or as soon as the test site and equipment have conformed to UK health and safety standards. Permitting has been completed on the 16.5 square kilometer 3D UK seismic survey. A crew has boon contracted to commence the shooting of the program around February 1, 1998, weather permitting. The UK government has yet to announce the new on-shore land awards that were due for release on December 22, 1997. Applications are being prepared for a six well development project on the Fiskerton lease, of which Cirque as operator has targeted two wells for drilling in June/July 1998. Cirque's interest is 48.2%. At Turin, where Cirque operates with a 50% working interest, a total of eleven wells were drilled resulting in eight oil wells, one gas well, one salt water injector and one dry hole. With battery construction underway, Cirque is producing five oil wells at rates averaging 86 barrels of oil per day each or 215 barrels of oil per day net to Cirque. Three oil wells and the gas well are shut in pending completion of the $1.5 million oil and gas processing facility. The start-up date is anticipated to be March 1, 1998. These four shut-in wells should increase the Turin production to around 700 beopd (360 boepd) net to Cirque. Two wells are scheduled to be drilled in February, offsetting an existing 200 bopd Turin producer. The 3D seismic shot over four sections of farm-in acreage has identified a minimum of twelve locations, two of which are scheduled to be drilled prior to break-up. At Bow Island, 3D seismic shot over three sections of working interest lands has identified two exploratory drill sites. Both locations will be tested in 1998. Cirque's current domestic production is 750 barrels of oil per day equivalent and is expected to reach 1000 barrels of oil per day by the Company's year end at March 31, 1998. On behalf of the Board of Directors, Glen A. Phillips President and Chief Executive Officer