Naftex Energy Corporation Announces Rabeh-2 Weem Concession, Egypt, Reaches its Final Total Depth.
Trading Symbol: NFTX
NAFTEX ENERGY CORPORATION (the ``Company'') is pleased to make an interim announcement on the progress of the Rabeh-2 well in the WEEM Concession in Egypt.
The Rabeh-2 well is located approximately 500 metres SSE of Rabeh-1 and has reached its final total depth at 6,426 feet in Pre-Cambrian Basement. The well penetrated the top of the two main productive zones (Miocene Nukhul and Pre-Miocene Matulla/Nubia) tested in the Rabeh-1 well close to prediction, some 120 feet structurally higher than Rabeh-1.
Electric logging operations are underway to evaluate the excellent oil and gas shows encountered in the main reservoir sections whilst drilling and coring the Nukhul and Matulla/Nubia.
A limited test and clean-up of these zones is planned for early next week, following which the well will be tied-in to the existing production facilities and immediately put on production for longer term evaluation whilst generating revenues for the joint venture.
Once Rabeh-2 is put on production the rig will move to the Abu Marwa North-1 location, which is located approximately 2.5 kilometres SE of Rabeh-2.
The Operator of the WEEM Concession is ESHPETCO, a joint venture operating company set up between Coplex (Egypt) Limited, Cabre Exploration (Cyprus) Limited (``Cabre'') and the Egyptian General Petroleum Corporation (``EGPC'') to conduct operations on the WEEM Concession. The Company and Cabre each beneficially own a 50% interest in the WEEM Concession.
A total of 54,041,963 shares of the Company is presently issued and outstanding.
By Order of the Board
NAFTEX ENERGY CORPORATION
Stephen S. James,
Vice President Corporate Counsel
SOURCE: Naftex Energy Corporation
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|Date:||Oct 1, 1998|
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