International Petroleum Corporation Completes Highly Successful Appraisal Well Program on Block PM3, Offshore Malaysia.VANCOUVER, BRITISH COLUMBIA--(BUSINESS WIRE)--Oct. 25, 1996-- Int'l Petroleum Corp. (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). IRP See Interest rate parity line. ., 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 IRPPF.) INTERNATIONAL PETROLEUM CORPORATION ("IPC (1) (InterProcess Communication) The exchange of data between one program and another either within the same computer or over a network. It implies a protocol that guarantees a response to a request. ") is pleased to announce the completion of the 5th and final well of a highly successful appraisal well program on Block PM3, offshore Malaysia (also known as the Commercial Arrangement Area between Malaysia and Vietnam). The 5th well, known as Bunga Kekwa A-4, flowed a total of 14,462 barrels of oil per day. The well was drilled to a total depth of 8,458 feet in a record 8 days and penetrated three major oil sand reservoirs and evaluated the hydrocarbons in several other zones seen the original A-1 discovery well. Please see attached map. Bunga Kekwa A-4 was tested over two zones and it suspended as a dual oil producer. The first test flowed 7,817 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 38.3 API gravity oil on a 115/64 inch choke with 4.1 mmscfgpd and a flowing wellhead pressure of 454 psi from the J70 formation. The second test flowed 6,645 barrels per day of 37.7 API gravity oil on a two inch choke with 4.25 mmscfgpd and a pressure of 429 psi from the I90 formation. All five appraisal wells will be completed as producers and the Clearways Atwood Hunter rig has now been released. The PM3 appraisal program has returned exceptional results and commercial production is scheduled for July, 1997. IPC holds 26.44 percent, Sands Petroleum AB holds 15 percent, Petronas Carigali Sdn Bhd holds 46.06 percent and PetroVietnam Exploration and Production (PVEP) holds 12.55 percent of the PM3 joint venture. IPC is a Canadian company, exclusively engaged in international oil and gas exploration and production. It's shares are listed on the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. (symbol "IRP") and on NASDAQ (symbol "IRPPF") and on the Stockholm Exchange. ON BEHALF OF THE BOARD "Ian H. Lundin" President There is a map available by contacting the company at the number below. -0- The Vancouver Stock Exchange Vancouver Stock Exchange (VSE) A securities and options exchange in Vancouver, British Columbia, (Canada), specializing in venture capital companies. Vancouver Stock Exchange See Canadian Venture Exchange (CDNX). has not reviewed and does not accept responsibility for the adequacy or accuracy of the content. CONTACT: International Petroleum Corporation Sophia Shane, 604/689-7842 |
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