Abacan Conducting Seismic Programs Offshore West Africa.CALGARY, ALBERTA--(BUSINESS WIRE)--Sept. 5, 1995--ABACAN RESOURCE CORP.(Alberta Stock Exchange Alberta Stock Exchange See Canadian Venture Exchange (CDNX). : 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. ) An offshore seismic program in the Benin Basin of West Africa West Africa A region of western Africa between the Sahara Desert and the Gulf of Guinea. It was largely controlled by colonial powers until the 20th century. West African adj. & n. has been initiated by Abacan Resource Corporation, an independent exploration company headquartered in Calgary which is also developing an oil and gas field 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. . The Benin Basin properties are located near the border between Nigeria and Benin. Abacan has two Oil Prospecting Licenses (OPLs) in the Benin Basin, one offshore (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 309) and one onshore (OPL 302), and a third option block, OPL 310. The 2-D seismic program is being conducted on OPL Block 309, which covers an offshore area of some 498,000 acres. Last year, Abacan conducted a seismic program on Block 309 which is located adjacent to the Seme field, a producing oil field with estimated recoverable reserves of 80 million barrels. "We will use information from this infill seismic program to determine final well locations for a drilling program," said Wade Cherwayko, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Abacan. "We anticipate drilling on OPL 309 to commence next year". OPL Block 309 extends from the Nigerian coast into water with depths of up to 1000 feet (300 meters). SEISMIC ALSO PLANNED FOR 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 AREA Abacan is also planning a 3-D seismic program to be conducted this fall on offshore Concession Blocks 237 and 469, the location of its Ngo field which straddles the two Concession Blocks. Situated in shallow waters in the Niger Delta, these adjoining Concession Blocks total 191,500 acres. This seismic program will help delineate the Ngo field and also identify further prospects on the Concession Blocks. DRILLING UPDATE ON IMA (Interactive Multimedia Association, Annapolis, MD) An earlier trade association founded in 1988 originally as the Interactive Video Industry Association. It provided an open process for adopting existing technologies and was involved in subjects such as networked services, scripting NO. 2 WELL The company also reports that drilling is continuing on Ima #2, Abacan's fifth well on the Ngo structure and its first horizontal well. Abacan is drilling the horizontal lateral wellbore from the parent wellbore which is located on Block 237. "Drilling operations have been delayed recently due to mechanical problems", said Mr. Cherwayko, "However, drilling of the `build' section between the vertical wellbore and the horizontal leg is progressing and we expect drilling of the horizontal section and testing to be completed within two to three weeks." In the drilling of the Ima No. 2 parent well, Abacan encountered the same hydrocarbon-bearing zones as in its previous wells in the area. CONTACT: Abacan Wade G. Cherwayko or Lon Boshouwers, 403/262-1220 |
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