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Gold/Mining/Energy : Canadian Oil & Gas Companies -- Ignore unavailable to you. Want to Upgrade?

To: marcos who wrote (4872)	3/27/1998 3:30:00 PM
From: keith schaefer	Read Replies (1) \| Respond to of 24920

Equatorial Energy is a Calgary company drilling in with production in Indonesia. They're buying First Dynasty's assets in Borneo for $30 million US, giving them 3200 bpd and around 40 million barrels in the ground. Their own production in Indonesia is around 1000 bpd right now I think (don't quote me). To: +Matt Li (23 ) From: +keith schaefer Friday, Mar 27 1998 3:15PM EST Reply # of 24 Indonesian drilling results; financial results; stock options Equatorial Energy Inc OZ Shares issued 27165646 1998-03-26 close $1.1 Friday Mar 27 1998 Mr Marshall Abbott reports The company has received results of development drilling at Tanjung Lontar in South Sumatra, Indonesia. The company's drilling program began in late January 1998. Presently, there are six cased oil wells, five of which have been drilled to shallow depths of 800 ft, and one deeper well to a total depth of 4,800 ft. Each shallow well exhibits multiple pay zones and flow rates as high as 275 bopd. These wells are drilled, completed and equipped for less than US$80,000. The fifth shallow well currently being drilled has been temporarily halted prior to total depth of 800 ft due to oil flowing to surface. The initial well drilled to 4,800 ft has five potential oil zones, the primary of which has 75 ft of net pay. The well will be production tested over the next month. The second 4,500 ft well was spud on March 26 1998 and should achieve total depth by April 15 1998. This well is an infield develocat. Pertamina, the state oil company of Indonesia and the company's partner at Tanjung Lontar, has approved an additional 23 locations in the shallow portion of the field. The company plans to add a third drilling rig to accelerate the development of these locations by month's end. The company has released its financial results for the year ended December 31 1997. The results reflect the company's initial year as an international oil and gas operator. The company established a head office in Calgary in March 1997 and began hiring full time, senior, technical personnel to develop and administer its projects. The company raised equity capital of $16.6 million net of issue costs during 1997 and expended $6.4 million cash on its international oil and gas projects. Of this amount, $5.4 million, or 84% of total capital expenditures were applied to develop the company's core oil property at Tanjung Lontar, South Sumatra, Indonesia. The company has granted incentive stock options to acquire 375,000 shares at $1.20 per share. The incentive stock options expire on March 26 2003. FINANCIAL HIGHLIGHTS Year ended December 31 1997 1996 ----------- ----------- Loss $ 1,053,371 $ 521,660 Loss per share $0.07 $0.07 Total assets $25,583,799 $ 7,584,918 Shareholders equity $24,375,809 $ 6,537,096