Abacan Makes First Sale of Oil From Niger Delta.CALGARY, ALBERTA--(BUSINESS WIRE)--Feb. 24, 1997--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 Resources Corporation announced today that the first lifting of oil from its Ngo 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. has been made. On February 21, approximately 630,000 barrels of oil were lifted from Abacan's floating storage and offloading facility (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. ) to an ocean-going tanker and sold to Total International Limited, according to the terms of an existing crude oil sale/purchase agreement between Abacan and Total. "This is truly a landmark day for Abacan," said Wade Cherwayko, President and Chief Executive Officer of Abacan. "First lift represents the culmination of hard work and dedication of the employees and consultants of Abacan and its indigenous Nigerian partners." TESTING COMMENCES ON AJE No. 2 WELL IN BENIN BASIN Meanwhile, Mr. Cherwayko noted, Abacan continues to implement its ongoing exploration and development programs in Nigeria and in the Republic of Benin. "Production testing has begun on Aje No. 2, Abacan's appraisal well on Block 309 in the Nigerian Benin Basin. We expect to receive the results in early March." CONTACT: Abacan Resource Corporation Wade Cherwayko, 403/262-1220 or Ms. Lon Boshouwers, 403/262-1220 |
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