Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: SofaSpud who wrote (12581)	9/30/1998 8:37:00 PM
From: Herb Duncan	Respond to of 15196

FIELD ACTIVITIES / Red Sea Oil: Second Appraisal Well Spudded at En Naga North, Block NC177, Libya ASE SYMBOL: RSO AND LUNDIN OIL AB STOCKHOLM STOCK EXCHANGE: LOIL B TSE SYMBOL: LOI NASDAQ SYMBOL: LOILY SEPTEMBER 30, 1998 VANCOUVER, BRITISH COLUMBIA--Red Sea Oil Corporation ("RSO"-A.S.E.) and Lundin Oil AB ("LOI"-T.S.E., "LOILY"-NASDAQ, "LOILB"-Stockholm) are pleased to announce the spudding of the second appraisal well on Block NC177, onshore Libya. The well, known as B3-NC177, was spudded on September 26, l998 and is expected to be drilled to a total depth of 8,500 feet. The B3-NC177 well is designed to fully delineate the northern extension of the En Naga North structure which was discovered in early 1998 by the B1-NC177 discovery well (flow rate, without pumping, in excess of 6,500 barrels of oil per day). B3-NC177 is the last well to be drilled as part of the appraisal program of the En Naga North discovery. The program has consisted of 2 appraisal/delineation wells, re-entry of the J1-85 (En Naga West) well and infill seismic. Results to date from the appraisal program have been very encouraging. The first appraisal well, B2- NC177, confirmed the continuity of the reservoirs and established an oil/water contact in the Lower Gir formation. The J1-85 well was successfully re-entered and flowed, without pumping, at a stabilized rate of 2,203 barrels per day of high quality 44 degrees API oil and 1.785 million cubic feet of gas per day. The full results of the appraisal program will be incorporated into the development plan for the field and submitted to the National Oil Company in Libya for approval. In the southern portion of the Block, the 1,665 kilometres of regional 2D seismic survey is currently ongoing with over 660 kilometres of data acquired. The seismic will help to firm up the numerous leads that have been identified in the block which are on trend with En Naga. Exploration drilling will resume in 1999. Red Sea Oil is the operator of Block NC177 and holds a 60 percent interest. The remaining interest is held by Lundin Oil AB which also owns approximately 58 percent of the outstanding shares of Red Sea Oil. ON BEHALF OF THE BOARD Ian H. Lundin, President

To: SofaSpud who wrote (12581)	9/30/1998 8:38:00 PM
From: Herb Duncan	Read Replies (1) \| Respond to of 15196

PROPERTY ACQUISITION / First Star Energy Announces Acquisition ASE SYMBOL: FST SEPTEMBER 30, 1998 CALGARY, ALBERTA--First Star announces that it has acquired a 50 percent working interest in the freehold mineral rights (surface to basement) in the West Half of Section 31-20-3W5M, and the related Cardium oil well (4 bopd). This prospect ("Kew" Prospect) is approximately 1.5 miles from the recent Shell et al Quirk Creek 1-29-20-3W5M horizontal well which has been cased as a Mississippian oil discovery. First Star's plans include the drilling of a horizontal Mississippian test to the same pool (potential for 100 million barrels of oil in place ) and an additional Cardium oil well. The first well to test this Mississippian structure, Shell-Home Kew 6-31-20-3W5 had initial flow rates of 54M3/D oil and 26 M3/d water. The zone was abandoned because of the water production. It is felt that this water problem can be overcome by drilling a horizontal well which does not contact the water zone. There is also additional natural gas potential from a deeper thrust sheet which could be tested in the deep well. First Star also advises that the first well in a 5 well shallow gas program in Johnson County Kentucky spudded on Tuesday, September 29, 1998 (25.0 percent W.I.). The wells are expected to average approximately 200 mcfd each. The 5 wells should be completed by the end of October, and tie-in to the sales gas line is expected by November 15, 1998. Current gas price in the area is US $2.30 (Can$ 3.48). At Strachan, Alberta, final design of the pipeline to the Strachan gas plant and the wellhead facilities is under way. Plans are to have the well onstream in January, 1999 (First Star 20 percent BPO, 25 percent APO). First Star is listed on the Alberta Stock Exchange with the symbol "FST".

To: SofaSpud who wrote (12581)	9/30/1998 8:40:00 PM
From: Herb Duncan	Read Replies (1) \| Respond to of 15196

PIPELINES / IPL Energy Purchases Interest in Chicap Pipe Line TSE, ME SYMBOL: IPL NASDAQ SYMBOL: IPPIF SEPTEMBER 30, 1998 CALGARY, ALBERTA--September 30, 1998 - IPL Energy Inc. today announced it has purchased a 22.8 percent interest in the Chicap Pipe Line Company from Clark Refining & Marketing, Inc. for US$22 million (Cdn$34 million). The Chicap Pipe Line receives crude oil bound for Chicago from the Capline system which runs from the U.S. Gulf Coast to Patoka, Illinois. The Chicap system consists of 205 miles (approximately 330 kilometres) of 26-inch pipeline and associated system equipment, and has a capacity of approximately 400,000 barrels per day. Chicap parallels the Mustang Pipe Line which transports crude oil from the Chicago-area Lockport terminal on the Lakehead Pipe Line system to Patoka. IPL Energy is the General Partner of the Lakehead partnership and has a 30 percent interest in the Mustang Pipe Line partnership. The purchase is another example of IPL Energy's strategy of expanding its investment in North American energy delivery infrastructure. According to Patrick D. Daniel, President and Chief Operating Officer, Energy Delivery, of IPL Energy, "Our investment in the Chicap system reinforces several strategic opportunities we see in the energy delivery arena, and geographically diversifies our pipeline asset base to include participation in the Gulf Coast-to-Chicago corridor." IPL Energy Inc. is a leader in energy delivery and services. It owns and operates the world's longest crude oil and liquids pipeline system through the combined Interprovincial Pipe Line Inc. and Lakehead Pipe Line Partners, L.P. system. It also owns and operates Canada's largest natural gas distribution company, The Consumers' Gas Company Ltd., which serves 1.4 million residential, commercial and industrial customers in south-central Ontario, Quebec and upper New York State. IPL Energy's common shares trade on the Toronto and Montreal stock exchanges in Canada under the symbol "IPL". In the United States the shares trade on The NASDAQ National Market under the symbol "IPPIF".