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To All Investors: I have no idea what is going on with ABC. I called investor relations today. Nigerian oil well drilling has been or is near/completion and news scheduled out for next week. Today, as of 3:30PM volume was over 1.7 Million and price up $1.30 (C) (without a news release !???). Here are the last news items that I have found. The big question is, have they hit oil big time ???? Abacan Resources Info: September 25, 1996 Nears Completion Of Nigerian Well ABACAN RESOURCE CORP ("ABC-T;ABRAF-L;ABACF-Q") - Nears Completion Of Nigerian Well Abacan Resource Corporation announces that the drilling of its first deep water exploratory well, the AJE #1 well, located on the corporation's offshore Concession Block 309 in the Benin Basin of western Nigeria is currently ongoing and nearing anticipated total depth. Upon completion of drilling operations, the corporation will make a decision on the future operations to be conducted in respect of the well. TEL: (403) 262-1220 Wade Cherwayko, Abacan Resource Corporation TEL: (403) 262-1220 Ms. Lon Boshouwers, Abacan Resource Corporation (c) Corporate Dissemination Services Inc. All rights reserved. Tel:(604) 689-1101 Fax:(604) 689-1106 RapidFax (tm) - To get the NEWS as it happens, call 1-800-667-1617 This release processed by Canstock at 16:30:15 Pacific Time September 3, 1996 Closes Debt Financing & Signs Agreement For Purchase Of Production From Its Niger Delta Field ABACAN RESOURCE CORP ("ABC-T;ABRAF-L;ABACF-Q") - Closes Debt Financing & Signs Agreement - For Purchase Of Production From Its Niger Delta Field Wade Cherwayko, Abacan Resources Corporation announced the execution of a series of agreements which represent the final milestones in bringing its NGO Field on production. The agreements cover the provision of the remainder of funds required to bring the new oil field on production and the purchase of production from the field. CLOSING OF US$30 MILLION PRODUCTION FACILITY DEBT FINANCING WITH MEESPIERSON N.V. AND ING N.V. Abacan (through its wholly-owned subsidiary, Liberty Technical Services Ltd.) and its Nigerian partner, Amni International Petroleum Development Company Limited, have concluded a US$30 million debt financing from MeesPierson N.V. and ING N.V., both headquartered in the Netherlands. The proceeds of this financing will be used to meet Abacan's current and future financial commitments associated with the ongoing development of the company's NGO Field offshore Nigeria and is scheduled to be repaid out of net proceeds of production. The NGO Field is scheduled to commence production in the fourth quarter of 1996. The Field is located on Blocks 469/237 offshore Nigeria. Transportation of the major components of the production facilities from the US Gulf Coast and Bahrain to the NGO Field will begin the first week of September. SIGNING OF AGREEMENT WITH TOTAL INTERNATIONAL LIMITED FOR SALE OF PRODUCTION FROM NGO FIELD Abacan has also executed an agreement with Total International Limited in which Total has agreed to purchase all of the crude oil and condensate produced from the NGO Field by Liberty and Amni. The sale price of the crude oil will be based on the world price of crude at the time of lifting and the quality of the crude produced. TEL: (403) 262-1220 Wade Cherwayko Ms. Lon Boshouwers (c) Corporate Dissemination Services Inc. All rights reserved. Tel:(604) 689-1101 Fax:(604) 689-1106 RapidFax (tm) - To get the NEWS as it happens, call 1-800-667-1617 August 14, 1996 Nears Completion Of Drilling Phase ABACAN RESOURCE CORP ("ABC-T;ABRAF-L;ABACF-Q") - Nears Completion Of Drilling Phase Wade Cherwayko, Abacan Resource Corporation announces that it is nearing completion of the drilling phase of its first deep-water exploratory well, AJE #1, located on the company's offshore Concession Block 309 in the Benin Basin of western Nigeria. Upon completion of drilling operations and an evaluation of the drilling logs, the corporation will make a decision on the future operations to be conducted in respect of the well. TEL: (403) 262-1220 Wade Cherwayko TEL: (403) 262-1220 Ms. Lon Boshouwers (c) Corporate Dissemination Services Inc. All rights reserved. This release processed by Canstock at 16:30:15 Pacific Time | ||||||||||||||
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