Abacan Announces Oil Discovery - Spuds Second Well.CALGARY, Alberta--(BUSINESS WIRE)--Oct. 21, 1996--Abacan (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). : ABC ABC in full American Broadcasting Co. Major U.S. television network. It began when the expanding national radio network NBC split into the separate Red and Blue networks in 1928. ., NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : ABACF.) Abacan Resource Corp. announced today the results of production testing of its deep water exploratory well drilled in the Benin Basin offshore Nigeria. The AJE No. 1 well has encountered multiple pay zones within the Turonian formation and tested a cumulative flow rate of 5500 barrels of oil/condensate per day with associated gas. Flow rates during testing were restricted by the use of 2-3/8 inch diameter testing string. Under normal production operations a 4-1/2 inch production string would be used. Wade Cherwayko, president and chief executive officer of Abacan said "While it is premature to begin to define the production capacity or the recoverable reserves over this 11 square mile structure, drilling so far has confirmed exactly what our seismic surveys had identified". Due to the results from AJE No. 1, Abacan has contracted Global Marine's jack-up rig "Adriatic IX" to drill the first appraisal well, AJE No. 2, which commenced drilling operations on Oct. 18. "In addition to the Turonian formation which has been penetrated, our seismic has identified two deeper potential formations on the structure, namely the Albian and the Ise", said Mr. Cherwayko. "AJE No. 2 will appraise appraise v. to professionally evaluate the value of property including real estate, jewelry, antique furniture, securities, or in certain cases the loss of value (or cost of replacement) due to damage. the Turonian formation tested in AJE No. 1 and penetrate and test the other two formations". AJE No. 1 is located on OPL OPL Open Publication License OPL Olympus Product Line (Sun) OPL outer plexiform layer OPL Organiser Programming Language (PSION) OPL On-Premise Laundry OPL Optical Path Length OPL Open Public License Block 309 and was drilled by the Sedco-Forex "Trident VIII" jack-up drilling rig in a water depth of 100 metres (325 feet) approximately 30 kilometres (18 miles) offshore the coast of Nigeria near the border with the Benin Republic. Abacan has a significant acreage position in the Benin Basin and is actively pursuing opportunities to acquire more acreage. Mr. Tunde Folawiyo, of Lagos, Nigeria, a Director of Abacan and the Managing Director of Yinka Folawiyo Petroleum Company, Abacan's Nigerian partner on Concession Block 309, adds "This discovery in a largely unexplored basin has the potential to open a new area for oil and gas exploration in Nigeria, which until now has been largely concentrated in the Niger Delta The Niger Delta, the delta of the Niger River in Nigeria, is a densely populated region sometimes called the Oil Rivers because it was once a major producer of palm oil. Region". INSTALLATION OF OFFSHORE FIELD PRODUCTION FACILITIES ON CONCESSION 469/237 NEARING COMPLETION Abacan also announced that all of the major components of the production facilities for its previous discovery on the NGO NGO abbr. nongovernmental organization Noun 1. NGO - an organization that is not part of the local or state or federal government nongovernmental organization field, located in the Niger Delta, including the mobile offshore production unit (the "Langley"), the pipeline system, and FSO (Free Space Optics) Transmitting optical signals through the air using infrared lasers. Also known as "wireless optics," FSO provides point-to-point and point-to-multipoint transmission at very high speeds without requiring a government license for use of the spectrum. are now on location in Nigeria. Final installation of these facilities is still expected to be completed and production to commence from the five wells in the NGO field prior to year end. CONTACT: Abacan Resource Corporation Wade Cherwayko, 403/262-1220 Ms. Lon Boshouwers, 403/262-1220 |
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