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Gold/Mining/Energy : KERM'S KORNER -- Ignore unavailable to you. Want to Upgrade?

To: Herb Duncan who wrote (8806)	2/3/1998 3:36:00 PM
From: Herb Duncan	Respond to of 15196

FIELD ACTIVITIES / Dundee Bancorp - Attachment of Eurogas Corporation Press Release TSE SYMBOL: DBC.A FEBRUARY 3, 1998 TORONTO, ONTARIO---Dundee Bancorp Inc. (DBC.A - TSE) announced today that Eurogas Corporation, a Canadian public company of which Dundee owns 43 percent, made the following news release yesterday evening. EUROGAS CORPORATION UPDATES SUD NEFTA EXPLORATION Eurogas Corporation released today the following report on the status of the company's drilling program on the Sud Nefta exploration permit in Tunisia. The well, Nefta 1, which was spudded on September 5, 1997, reached final total depth of 4,675 meters and preparations are underway to run a 7" liner to total depth. Upon completion of the casing operations, testing through perforations will begin in order to evaluate several potential zones of interest. The first test of a multi-zone testing program will be run in the Cambrian and is expected to start by mid-February. The Nefta 1 well was drilled to evaluate the Alpha prospect, a large paleo structure with over 43,000 acres of closure. The well confirmed the presence of the structure and found it to be some 340 meters higher than prognosis at the Cambrian level. During the drilling and logging operations, several zones of interest with potential for commercial hydrocarbon reserves were identified in the Jurassic, Triassic / Ordovician and the Cambrian. Participants in the Sud Nefta drilling program are: Eurogas Corporation 57.02 percent (operator), First Calgary Petroleum 10 percent, GHP Exploration 8 percent, Adda Resources 6.66 percent, Gleneagles Petroleum 6.66 percent, SOGW Tunisia 6.66 percent, Largo Petroleum 3 percent and Rigo Oil 2 percent. ETAP, the Tunisian state oil company, has the right to participate up to 50 percent in the development of any discovery on the permit. Eurogas Corporation is a Calgary based independent oil and gas company engaged in oil and gas development projects internationally. The company is listed on the Toronto Stock Exchange (TSE) under the symbol EUG.