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

To: Donald Lickman who wrote (160)	6/1/1998 12:04:00 PM
From: Tomas	Read Replies (1) \| Respond to of 332

Red Sea Oil - 1998 drilling and seismic program on block NC177 Red Sea Oil Corporation Shares issued 41700000 Monday Jun 1 1998 Mr. Ian Lundin reports The company's 1998 drilling program is due to commence mid-July and will consist of two appraisal wells and the re-entry of an existing well on block NC177, onshore Libya, and will require two drilling rigs in full operation. The well to be re-entered and tested is known as J1-85 and was originally drilled in 1968 by Ausonia. It is 3 kilometres from RSO's En Naga North discovery in a separate structure. The J1-85 well has the potential to prove up substantial additional reserves for the En Naga North field. Over 85 feet of gross pay in J1-85 have been identified within the Gir/Facha reservoir formation following detailed log analysis and correlates well with the Gir/Facha reservoir at the En Naga North discovery. The drilling of the two appraisal wells is designed to fully delineate the En Naga North structure. The four way dip closure at the lower Gir and Zelten formations indicate that these formations could extend to the north, providing further reserve upside. Also, deeper untested targets exist in the lower Cretaceous and Basal Sands formations. In addition, numerous leads have been identified in other untested areas of the block and a 1,600 km regional 2D program will begin shortly to firm up these leads. Exploration drilling will resume in early 1999. Recently, the company appointed Ashley Heppenstall as CFO of the company. Mr. Heppenstall has extensive experience in corporate finance and project financing matters as well as financial feasibility analysis of projects, particularly for natural resource companies. Mr. Heppenstall is a graduate of Hatfield College, Durham University in England. RSO has determined to change its fiscal year end from September 30 to December 31 and is in the process of making application to regulatory authorities for approval. RSO is the operator of block NC177 and has a 60 per cent interest. The remaining interest is held by Lundin Oil AB which also controls 61 per cent of RSO.