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

To: Herb Duncan who wrote (11048)	6/2/1998 7:05:00 PM
From: SofaSpud	Respond to of 15196

FIELD ACTIVITIES / Ranger Oil North Sea Production RANGER OIL ANNOUNCES FIRST PRODUCTION FROM COLUMBA E FIELD IN THE U.K. NORTH SEA CALGARY, June 2 /CNW/ - The first development well in the Ranger-operated Columba E field was brought on production on 24 May 1998 at a stabilized production rate of over 9000 barrels of oil per day. The decision on further field development plans, including additional drilling and possible water injection schemes should be made by the end of the year. Columba E is the first of several new developments in the North Sea and Angola for Ranger scheduled to be brought on stream in 1998. Columba E is a satellite development to the Ninian Field in which Ranger has a 24.1% interest, and is being developed initially by extended-reach drilling from the Ninian Southern Platform. Proven reserves for Columba E are estimated to be 20 million barrels of liquids (Ranger's share 6.9 million) based on primary recovery only. With an estimated 300 million barrels of oil in place there is also significant upside reserve potential from improved recovery factors when a successful water injection scheme can be implemented. Partners in Columba E are: Ranger Oil (U.K.) Limited (Operator) 34.06% Agip (U.K.) Limited 25.70% Oryx U.K. Energy Company 26.04% Deminex UK Oil and Gas Limited 8.40% Murphy Petroleum Limited 5.80% Issued by: F. J. Dyment President and Chief Executive Officer -30- For further information: J.G. Faulds, Vice President, Investor Relations, Ranger Oil Limited, (403) 232-5200; A.B. Henderson, Chairman, Ranger Oil (U.K.) Limited, 1483-401-401