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Gold/Mining/Energy : first star energy FST on the ASE -- Ignore unavailable to you. Want to Upgrade?

To: grayhairs who wrote (576)	7/21/1998 3:29:00 PM
From: kingfisher	Read Replies (1) \| Respond to of 754

First Star Energy Ltd - Increased W.I. in Lawrence County prospect First Star Energy Ltd FSTShares issued 24,016,1951998-07-20 close $0.6Tuesday Jul 21 1998Mr. John Squarek reports First Star Energy has increased its working interest in its Lawrence County Kentucky prospect (4,000 gross acres) to a 40 per cent working interest from its previous 27.5 per cent working interest. The Ballard Ray No. 1 well, drilled to over 8,000 feet, was placed on production on July 14, 1998 at an initial rate of 600 mcfd (240 mcfd net to First Star). The current gas sales price is $3.75 per mcfd. A seismic survey on the prospect has been completed and is being processed. Another deep well is expected to be drilled before the end of 1998. First Star will also begin a five well shallow gas program in Johnson County Kentucky by Aug. 1, 1998 (25.0 per cent W.I.). The wells are expected to average approximately 200 mcfd each. As this is a development program, tie-in to the sales gas line is expected for Sept. 30, 1998. At the ACL et al Strachan 3-22-38- 9W5 well, (First Star 20 per cent BPO, 25 per cent APO) an initial test on one of the potential pay zones has been completed. The well will remain under tight hole status until late September. Full evaluation of the potential of the Strachan prospect is not expected for several months. (c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com old url (better for printing)