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

To: Tomas who wrote (75)	1/19/1998 11:38:00 AM
From: Tomas	Read Replies (1) \| Respond to of 332

Commercial oil discovery in Libya Monday Jan 19 1998 Mr Ian Lundin of Red Sea Oil reports Following are the results of the initial three drillstem tests conducted on the B1-NC177 well currently being evaluated on block NC177, onshore Libya. Drillstem tests were conducted at the Beda, Lower Zelten and Upper Zelten levels. Combined flow rate was 5,789 bopd. The principal target, the Facha level, has yet to be tested. The Upper Zelten or Zelten A interval flowed high quality oil (48 degrees API) at 4,761 bopd through a 1-1/4 inch choke. The Lower Zelten flowed 303 bopd through a 1/2 inch choke. The Beda flowed 725 bopd through a one inch choke. The results are summarized in the following table: Test Choke Pressure Oil Gas (64th) (psi) (bopd) (mmcfd) 1 64 201 725 3.4 2 32 220 303 0.5 3 80 487 4,761 6.5* * 0% hydrogen sulphide and 1% carbon dioxide. The testing program will now continue and two additional tests will be carried out in the Facha level. Different options for appraisal drilling and early production systems are now being reviewed. Red Sea has a 60% interest in block NC177 with Sands Petroleum AB holding 40%. Sands owns approximately 61% of the outstanding shares of Red Sea.