Santa Fe Energy Resources Announces Second Oil Discovery in Gabon.HOUSTON--(BUSINESS WIRE)--Oct. 27, 1997--Santa Fe Energy Resources (NYSE NYSE See: New York Stock Exchange :SFR SFR Swiss Franc (national currency) SFR Société Française du Radiotéléphone (French cellular provider) SFR Single Family Residence SFR Single Family Residence (real estate) ) together with Marathon Petroleum Gabon LDC LDC See: Less developed countries LDC See less developed country (LDC). today announced a second wildcat discovery on its Kowe Block, offshore Gabon. The well is located in 150 feet of water 25 miles offshore, approximately 105 miles southeast of Port Gentil. The South Tchatamba discovery is located approximately ten miles south of the initial Tchatamba Marine discovery which will commence production in early 1998. The Tchatamba South No. 1 wildcat well flowed from two separate tests at a stabilized combined daily rate of 8,165 barrels of oil. A 127-foot interval of the Upper Madiela formation between 6,080 and 6,207 feet flowed at 5,072 barrels of 44 degree API gravity oil through a one-half inch choke and a 19-foot interval of the Cap Lopez formation between 5,193 and 5,212 feet flowed at 3,093 barrels of 42 degree API gravity oil through a one-half inch choke. "We are pleased to have a second discovery on the Kowe Block and will immediately delineate it with the Tchatamba South No. 2. We see a number of other exploration opportunities within the block and will drill the first of these within the next few months," said James L. Payne, Chairman 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 Santa Fe Energy. Santa Fe Energy Resources of Gabon, Ltd., a subsidiary of Santa Fe Energy Resources, has a 25 percent interest and Marathon Petroleum Gabon is the operator with a 75 percent working interest. In other developments, Santa Fe announced the drilling of an unsuccessful exploratory well on the Tourmaline tourmaline (t  r`məlĭn, –lēn), complex borosilicate mineral with varying amounts of aluminum, iron, magnesium, sodium, lithium, potassium, and sometimes other elements, prospect on Ship Shoal 365 in the Flex trend of the Gulf of Mexico Noun 1. Gulf of Mexico - an arm of the Atlantic to the south of the United States and to the east of MexicoGolfo de Mexico Atlantic, Atlantic Ocean - the 2nd largest ocean; separates North and South America on the west from Europe and Africa on the east . The drilling rig is currently being moved to the Stag prospect on Mississippi Canyon 153 and 154 which will spud shortly. Santa Fe Energy Resources is an independent oil and gas company with headquarters in Houston, Texas. It has production in the United States, Argentina and Indonesia with additional exploration activities in several other regions of the world. Its common stock is traded on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. under the symbol SFR. This news release may contain forward-looking statements within the meaning of the Securities Litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. Reform Act. These projections and statements reflect the company's current views with respect to future events and financial performance. Actual results could differ materially from those projected as a result of certain factors. A discussion of these factors is included in the Company's periodic reports filed with the Securities and Exchange Commission including its Annual Report on Form 10-K for the year ended December 31, 1996. CONTACT: Santa Fe Energy, Houston Kathy Hager, 713/507-5315 |
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