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TRACER PLANS INDONESIAN WILDCAT; ELLY PROSPECT TO BE FIRST TEST

 VANCOUVER, British Columbia, July 8 /PRNewswire/ -- Tracer Petroleum Corporation (Tracer) (NASDAQ: TCXXF) announced today that it is finalizing plans to drill the first exploration well in its North Tanjung Block production sharing contract area onshore Kalimantan, Indonesia.
 The planned 2,900 feet deep well is targeted on Tracer's "Elly Prospect" and will test the Lower Tanjung Sandstone Formation over a very large seismically defined structure. Seismic interpretation suggest that a possible areal closure of 47,000 acres and an anticipated 65 feet thickness of potential reservoir. Tracer estimates possible un-risked recoverable oil resources of 400 million barrels in the Elly Prospect. In addition to Elly, Tracer has identified 11 more drillable prospects in the North Tanjung Block.
 The planned well is 150 kilometers north of the Tanjung Field which lies in an adjacent contract area and has produced oil since 1938 from the same Lower Tanjung Sandstone Formation expected at Elly Prospect.
 Tracer intends to spud the well in the first quarter of 1994. Drilling should be complete in less than a month at a cost of $1 million.
 Tracer owns a 100 percent interest in the North Tanjung Block Production Sharing Contract. Negotiations are under way with several potential industry partners regarding their joint venture participation with Tracer in the North Tanjung Block. By the time the first well is spudded Tracer expects to have reduced its interest in the North Tanjung Block to 50 percent in exchange for financing commitments from potential partners.
 Note: The Vancouver Stock Exchange has neither approved nor disapproved of this release.
 -0- 7/8/93
 /CONTACT: Gary R. Schell or Craig Doctor of Tracer Petroleum Corporation, 604-682-7507, or (fax) 604-682-0217/
 (TCXXF)


CO: Tracer Petroleum Corporation ST: British Columbia IN: OIL SU:

TS -- NY071 -- 9568 07/08/93 14:17 EDT
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Publication:PR Newswire
Date:Jul 8, 1993
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