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Gold/Mining/Energy : Lundin Oil (LOILY, LOILB Sweden) -- Ignore unavailable to you. Want to Upgrade?

To: Tomas who wrote (735)	9/8/1998 4:25:00 PM
From: Tomas	Respond to of 2742

Libya: Re-Entry of J1-85 Well Complete, Testing Underway VANCOUVER, BRITISH COLUMBIA--(BUSINESS WIRE)--Sept. 8, 1998-- Red Sea Oil Corporation (Alberta Stock Exchange: RSO. - news) is pleased to announce that re-entry of the J1-85 well on Block NC177, onshore Libya, is complete and is currently being tested. Results are expected to be available shortly. Located 3 kilometres from the Company's Naga North discovery (on a separate structure) the well has been re-entered in order to evaluate the Lower Gir formation at that location. The J1-85 well was originally drilled in 1968 and over 90 feet of gross pay has been identified within the Lower Gir/Facha formation which was not tested when the well was originally drilled. Following testing of the J1-85, the rig will be mobilized for drilling of the second appraisal well on the Naga North field. The regional seismic acquisition is ongoing with over 400 km of the new 1,600 km seismic program completed. Preliminary results indicate the existence of several new structures to the south and south-east of En Naga North, which are likely to turn into drillable prospects once the full interpretation of the data has been carried out. Exploration drilling will resume in early 1999. ON BEHALF OF THE BOARD Ian H. Lundin, President biz.yahoo.com