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CORDEX spuds the first of two exploratory wells in the Bermejo Basin, Argentina.

DENVER--(BUSINESS WIRE)--Nov. 26, 1996--CORDEX (TSE CZX.A.) CORDEX announces that as operator, it has spudded the first of two wells on November 25th, 1996 at 21:00 hours. The wells are located in the Mogna block (CCyB-4), Bermejo Basin, Central Argentina. With propriety seismic data, CORDEX has identified an objective 8000 acre structure to test with the first well. This first well, the Lago x-1, is positioned at 31 degrees 01'01.7" S latitude and 68 degrees 25'09.9" W longitude. The well will evaluate an equivalent Triassic clastic sequence that is productive in the Cuyo basin, located 275 Kms to the south. Clastics in the Lower Tertiary and fracture carbonates in the Ordovician are secondary objectives. Expected total depth is 1180m.

The Lago x-2 well will follow the drilling of the Lago x-1 well. This well is located at 30 degrees 58'08.4" S latitude and 68 degrees 25' 08.9" W longitude. Expected TD of this well is 800m which will test both the Lower Tertiary and the Upper Triassic clastic sequence.

CORDEX holds a 60 percent interest in the venture. Monument Exploracion Limited holds a 40 percent interest.

CONTACT: CORDEX Petroleums Inc.

Bob Zilinski, 303/297-2016 EXT-122
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Publication:Business Wire
Date:Nov 26, 1996
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