International Petroleum Corp. Suakin-2 well update
VANCOUVER, B.C.–(BUSINESS WIRE)–Jan. 11, 1996–International Petroleum Corp. (TSE/NASDAQ:IRP;IRPPF) (“IPC”) announces that the second and third drillstem tests (“DST”) on the Suakin-2 well, which were conducted simultaneously over the intervals from 9402 feet to 9523 feet and 9027 feet to 9135 feet, did not flow any hydrocarbons at commercial rates.
The corporation is currently evaluating the remaining potential pay zones with a view to determining whether further testing is warranted.
The Suakin structure is located within the Delta Tokar Block which is held and operated by International Petroleum Sudan Limited(“IPSL”). Red Sea Oil Corp. (“RSO”) acquired IPSL from IPC in August 1995. IPC owns 50 percent of the outstanding shares of RSO and continues to provide technical and operational support from its technical centre in Dubai.
International Petroleum Corp. is a publicly traded, independent Canadian energy company, exclusively engaged in international oil and gas exploration and production. International Petroleum Corporation’s shares are listed on The Toronto Stock Exchange (symbol “IRP”) and on NASDAQ (symbol “IRPPF”) and on the Stockholm Stock Exchange.
ON BEHALF OF THE BOARD Ian H. Lundin, President
CONTACT: International Petroleum Corp.
William V. Williams, corporate development, 604/689-7842
INDUSTRY KEYWORD: MINING ENERGY OIL/GAS REPEATS: New York 212-575-8822 or 800-221-2462; Boston 617-236-4266 or
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