Abacan shares to trade on TSE.CALGARY, Alberta--(BUSINESS WIRE)--July 14, 1995-- Abacan Resource Corporation, an independent oil and gas company headquartered in Calgary, announces that its common shares will commence trading on The Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. on Friday, July 14, 1995. The public company is involved in the development of a major oil and gas field in the Niger Delta of West Africa. "This marks yet another exciting milestone in the development of Abacan as an emerging international exploration and development company," 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. "Since 1992, when we began concentrating on world-class oil and gas prospects in West Africa, we have steadily attracted the interest of an ever-widening circle of investors. Now, as we prepare to bring onto production our world-scale oil reserves, Abacan is gaining the attention of major brokerage houses and institutional investors in North America, the United Kingdom and continental Europe". To date, Abacan has drilled and tested four wells in an initial five-well drilling program offshore Nigeria. The wells have production-tested at rates from 8,000 to 23,070 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 oil and condensate. The oil is sulphur-free, high-grade crude. To fast-track production and minimize capital costs, Abacan is leasing production equipment and services from a consortium of international oilfield service companies The list of oilfield service companies includes companies that provide services to the petroleum exploration and production industry but that do not typically produce petroleum themselves. led by Schlumberger Oilfield Services Schlumberger Oilfield Services, a division of Schlumberger Limited, is the world’s largest supplier of exploration and production (E&P) services, solutions and technology to the international petroleum industry. . It is anticipated that production will commence within the first quarter of 1996. Abacan Resource Corporation's shares have been listed on the Alberta Stock Exchange Alberta Stock Exchange See Canadian Venture Exchange (CDNX). (stock symbol "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. ") for several years. The Corporation intends to delist its shares from the ASE within the next several weeks. -0- Note to Editors: The Alberta Stock Exchange and The Toronto Stock Exchange have neither approved nor disapproved the information contained herein. CONTACT: Abacan Resource Corp. Wade G. Cherwayko, 403/262-1220 Lon Boshouwers, 403/262-1220 |
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