Abacan Updates Drilling Activity.CALGARY, Alberta--(BUSINESS WIRE)--Aug. 26, 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 TESTS SUCCESSFUL 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. 7 WELL Abacan Resource Corporation today announced the test results on its Ima No. 7 well, an offshore development well located on the company's Ima 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 well was drilled to a true vertical depth of 10,735 feet (3,250 meters) and flow tested at a rate of 8,100 barrels per day Barrels per day (abbreviated BPD, bbl/d, bpd, bd or b/d) is a measurement used to describe the amount of crude oil (measured in barrels) produced or consumed by an entity in one day. of 43 degree API oil from a one inch choke. The well, which was tested through the Ima production facility, is currently being tied in and is expected to commence production within the next two days. The company expects that the initial daily production levels from the well will be less than the tested flow rate because, as part of proper reservoir management, the well will be produced on a smaller choke. Actual production level from the Ima No. 7 well will not be known until there is an established production history. ABACAN SPUDS IMA No. 8 WELL With the completion of the Ima No. 7 well, the company has commenced drilling on the Ima No. 8 well, an offshore development well located southwest of the Ima production facility. Certain statements in this News Release constitute "forward looking statements" within the meaning of the Private Securities Litigations Reform Act of 1995. Such forward looking statements involve risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Corporation to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. In particular, there is no assurance that the flow test results from the Ima No. 7 well will be indicative of future flow rates experienced during production. CONTACT: Abacan Resource Corporation Jim Harvie, 403/262-1220, or 011-234-1-587-8208 |
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