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

To: Timelord who wrote (164)	7/15/1998 10:25:00 AM
From: Greywolf	Read Replies (1) \| Respond to of 332

First appraisal well spudded in En Naga North, Libya Seismic program in progress Lundin Oil AB ("Lundin Oil") and Red Sea Oil Corp. ("RSO") have spudded the first well in the program to appraise the B1-NC177 discovery well, onshore Libya. The well, known as, B2-NC177, is expected to be drilled to a total depth of 8,500 feet. The appraisal program will consist of 2 appraisal wells and 65 km of 2D seismic and the re-entry of an earlier well. The first well is being drilled approximately 2 kilometres to the southeast of the discovery well and the second will be located approximately 3 kilometres to the nortwest. An existing well on the Block, the J1-85, that was originally drilled in 1968 will be re-entered and tested. Re-evaluation of the electric logs from J1-85 in conjunction with the logs from the B1-NC177 discovery well indicate a potential for proving up additional reserves. The J1-85 well is located approximately 3 km from the B1-NC177 discovery well. A 65 km 2D infill seismic program has commenced concurrently with the spudding of the appraisal well, and upon completion of this seismic program, the crews will immediately commence a 1,600 km 2D seismic acquisition program to further explore and evaluate the remainder of the Block. From re-interpretation of old data and integration with the results of a recent gravity survey, the area to be covered by the new seismic program shows excellent potential for similar structures to the B1-NC177 discovery. Exploration drilling will resume in early 1999. RSO's wholly owned subsidiary, International Petroleum Libya Limited ("IPLL") operates the Block and holds 60% interest in Block NC177. Lundin Oil AB, which also owns in excess of 60% of RSO, holds the remaining 40%.