Eurogas Corporation Announces Drilling Results.CALGARY Calgary (kăl`gərē), city (1991 pop. 710,677), S Alta., Canada, at the confluence of the Bow and Elbow rivers. The largest city in Alberta and the fastest-growing major city in Canada, Calgary is a corporate, transportation, and financial , Alberta--(BUSINESS WIRE)--July 21, 1998-- Eurogas (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :EUG EUG European Union of Geosciences EUG Eugene, OR, USA - Eugene Airport (Airport Code) EUG Emissions Unit Group (environmental operating permits) EUG Engineering Users Guide (US Navy) .) Eurogas Corporation announced today that the results of the drilling program on the Bazma permit in central Tunisia have been received and assessed. The BZM-1 well was drilled to a depth of 4109 meters. A vertical seismic profile In geophysics, Vertical Seismic Profile (VSP) is a technique of borehole seismic measurements used for correlation with surface seismic data. Hydrophones in the borehole record reflected seismic energy originating from a seismic source at the surface. , biostratigraphic analysis and logs have confirmed that the well encountered approximately 1000 meters of Middle Permian carbonates in a reef-shaped structure which contained no reservoir. As a result, the Company will abandon this well. Eurogas has significant land positions in Tunisia, holding a 40 percent interest in the 500,000 acre Bazma permit, a 57 percent interest in the 700,000 acre Sud Nefta permit and a 33 1/3 percent interest in the 1,100,000 acre El Hamra prospecting permit, which is currently being awarded. This represents a total of 2.3 million acres, which are strategically located in the Tunisian sector of the prolific Ghadames Basin in North Africa. This under-explored portion of Tunisia has recently become the focus of industry attention and the Corporation's early entry provides maximum exposure to significant oil and gas opportunities. With the benefit of the geological ge·ol·o·gy n. pl. ge·ol·o·gies 1. The scientific study of the origin, history, and structure of the earth. 2. The structure of a specific region of the earth's crust. 3. A book on geology. information obtained from the Bazma and Sud Nefta drilling programs, Eurogas will continue its geological and geophysical ge·o·phys·ics n. (used with a sing. verb) The physics of the earth and its environment, including the physics of fields such as meteorology, oceanography, and seismology. exploration program over these extensive land holdings. Eurogas Corporation is an independent oil and gas company engaged in the development of a major oil and gas field in Russia, exploration for oil and gas reserves in Tunisia, developing a major gas storage project in Spain and the exploration for and production of oil and gas in Canada. The company is listed on the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. (TSE) under the symbol EUG.
CONTACT: Eurogas Corporation
Julio Poscente, Chairman & C.E.O., J. Keith
Scrimger, VP Finance
403/ 264-4985 (PHONE) or (403) 262-8299 (FAX)
eurogas@eurogascorp.com
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