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Gold/Mining/Energy : Tesco (TESOF) -- Ignore unavailable to you. Want to Upgrade?

To: John Stopforth who wrote (3)	1/21/1998 8:20:00 AM
From: JakeStraw	Respond to of 59

JS, Thanks for the post. Lets see how the stock reacts.

To: John Stopforth who wrote (3)	2/20/1998 8:21:00 AM
From: JakeStraw	Respond to of 59

Tesco Acquires Casing Drilling Joint Venture CALGARY, Feb. 19 /CNW-PRN/ - Tesco Corporation announced today that it has acquired a 100% interest in the Tesco Casing Drilling Joint Venture for consideration of 418,036 common shares of the Corporation. Prior to the acquisition, Tesco held a 4.691% interest and an option to increase that interest to 50% for a $5 million contribution to the Joint Venture. Prior to Tesco's acquisition, the remaining interest in the Joint Venture had been owned by joint interest unit holders who had contributed $5 million for the purposes of conducting research and development activities into the casing drilling process. Drilling with casing, if perfected, could reduce drilling costs by as much as 30%. With the goal of eliminating the use of drill pipe and much of the time spent on unscheduled drilling events such as sidetracking, reaming and backreaming, casing drilling could have significant, worldwide commercial potential. The casing drilling project is a high-risk, high-return research and development project. Significant interest has already been expressed in this project by several of the world's largest oil and gas operators. With rising finding and development costs, the commercial potential will be significant for new technologies aimed at cost reduction, including drilling with casing and Tesco's proven rental top drive systems. To date, a specialized casing drilling rig has been constructed and prototype downhole tools have been designed and fabricated. It is expected that initial drilling tests will begin by the end of May, 1998 at Tesco's R&D centre in Calgary, Alberta. Testing and development of the casing drilling process will likely proceed into 1999. Tesco's common shares are listed on the Toronto Stock Exchange under the symbol ''TEO'' and on NASDAQ under the symbol ''TESOF''. SOURCE: Tesco Corporation