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

To: A Cohan who wrote (65)	1/13/1998 6:28:00 PM
From: Donald Lickman	Read Replies (2) \| Respond to of 332

The excitement is from the testing of a reefal build-up (a surprise during drilling) in the Upper Zelton formation. I am told (rumors) it's flowing like hell, will have more accurate info from well site latter tonight. Cores cut from this were saturated with oil and porosity ran 25%. Wells from this Formation have flowed up to 30,000 BPD in the basin and is the producer formation that gave Occidental its big start. The technical staff in Dubai are estimating recoverable reserves from this are conservatively estimated at 100 million barrels plus. At an indicative value of C$5.00 per barrel RSO's market cap could easily double plus speculative value of the 3 million acre position which is now significantly upgraded. Tests from lower zones (I am told) are not that exciting but enough to declare commercial. A good backstop if the Upper Zelton test goes to water. RSO is controlled by Swiss billionaire Adolf Lundin and has a highly successful track record of finding elephants. Watch closely for news any day. Regards