Just What The Atmosphere Needs
Another press release from a greedy oil company.
Now you know why the U.S. govt. has no intention
of implicating Gadhafi in the Lockerbie attack.
Company Press Release
Lundin Oil Announces Update on Exploration Well C1-NC177, Onshore Libya, Two Potential Pay Zones Identified
VANCOUVER, British Columbia--(BUSINESS WIRE)--Oct. 13, 1999-- Lundin Oil AB (NASDAQ:LOILY - news), through its subsidiary International Petroleum Libya Limited, is pleased to provide the following update on the progress of the C1-NC177 exploratory well currently being drilled on the Haruj A prospect in Area NC177 onshore Libya.
The C1-NC177 well was spudded on August 8, 1999 and 9 5/8 inch casing was set at 8,830 feet on September 23, 1999. Electric logs and pressure data were acquired down to 8,830 feet and log interpretation has identified two potential pay zones in the Gir formation which will be drillstem tested once the well reaches its final total depth.
The well was subsequently drilled to 10,665 feet to investigate further potential pay zones at which point overpressure was encountered in the 8 1/2 inch hole resulting in the drillpipe becoming mechanically stuck. Remedial action has been taken, the hole is being sidetracked and drilling operations are proceeding.
As a result, the well is now expected to reach its final depth of approximately 12,500 feet near the end of October, when a two to three week testing program will commence.
Red Sea Oil is the operator of Area NC177 and holds a 60% interest. The remaining 40% interest is held by Lundin Oil AB which also owns approximately 58% of the outstanding shares of Red Sea Oil.
ON BEHALF OF THE BOARD
Ian H. Lundin, President
Lundin Oil AB Magnus Nordin, +46 8 440 54 50 or Lundin Oil AB Sophia Shane, 604/689-7842