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

To: Tomas who wrote (118)	2/12/1998 1:11:00 PM
From: Donald Lickman	Read Replies (1) \| Respond to of 332

<<when they announce 100+ MMBO in March>> Is this a reliable number?

To: Tomas who wrote (118)	2/12/1998 1:29:00 PM
From: humblepie	Read Replies (1) \| Respond to of 332

I do not believe they will be producing from the Facha zone until they install facilities to remove the H2S content from the Facha crude. This gas is present in small amounts (apparently 3-4%) in the Facha and must be dealt with prior to production. They could produce from the other zones into tanks and then truck the crude to market. As for the Facha zones production in Libya, I understand the production can be very good. The Lundins will purchase Red Sea, for shares in Lundin Oil. This will be an efficient way of moving production and considerable exploration upside into Lundin Oil. The zone I am interested in is the deep target below their current TD. The target I believe is called the Basil Sands (spelling may be incorrect no time to check it). This target will be something that could drive Lundin Oil's stock price when drilling in Q4/98 commences. Seismic will be required to better define this deep target.