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Energem's FirstAfrica drills third well in Gabon

2006-06-20 12:36 ET - News Release

Mr. Rob Rainey reports

ENERGEM RESOURCES INC/FIRSTAFRICA OIL PLC - DRILLING UPDATE

Energem Resources Inc.'s FirstAfrica Oil PLC (FAO), a company in which Energem currently has a 29-per-cent interest, has successfully drilled its third development well, EOV-6, into the northwest sector of the East Orovinyare oil field (EOV) using the GlobalSantaFe Adriatic VI jackup rig. The offshore Gabonese well was spudded on May 27 in 65 feet of water. The oil-bearing Batanga reservoir was entered at a measured depth of 3,832 feet. The reservoir was cored with 100-per-cent recovery and preliminary analysis of the wireline logging indicates a minimum gross oil reservoir section of 280 feet (measured depth). Net sandstone is estimated at approximately 100 feet (measured depth) with porosities of 20 per cent to 22 per cent. During drill stem testing from June 17 to June 18, the well flowed oil at a rate of 2,099 barrels of oil per day (bopd) with a maximum instantaneous flow of 3,235 bopd. These rates reflect natural flow without any stimulation.