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

To: Bart Hoenes who wrote (172)	8/22/1998 9:51:00 AM
From: Greywolf	Respond to of 332

Libya Exploration This is taken from the half year report put out by Lundin Oil The B1-NC177 well on Block NC177 onshore Libya was completed in January and tested more than 6,000 barrels of oil per day from three zones. This well marks the discovery of the En Naga North oil field which is estimated to contain recoverable reserves of approximately 80 million barrels of oil. The appraisal programme on the En Naga North Field commenced with the spudding of the B2-NC177 well on 5 July 1998. Following the completion of the B2 well, the rig will move over and re-enter the J1-85 well prior to drilling the second appraisal well on the En Naga North structure., B3-NC177. The J1-85 well was originally drilled in 1968 and is located 3 km from the En Naga North discovery on a separate structure. Over 85 feet of gross pay has been identified within the lower Gir/Facha formation which was not tested when the well was originally drilled. The full appraisal of the remainder of Block NC177 is now underway with the commencement of the 1,600 kilometres regional 2D seismic programme which is targeted at firming up the numerous other leads which have been identified. Exploration drilling will resume in 1999. The company currently has over 150 people working in the field on both the drilling and seismic campaign.