Operational Update
October 23 2003 - 3:42AM
UK Regulatory
RNS Number:2185R
Fusion Oil & Gas PLC
23 October 2003
Fusion Oil & Gas plc
("Fusion" or "the Company")
Operational update
The following statement relates to operational developments.
Hardman Resources Ltd issued the following statement earlier today in regard to
drilling activities on the Chinguetti Field:
"RE: CHINGUETTI 4-5, PSC AREA B, OFFSHORE MAURITANIA
Hardman Resources Ltd ("Hardman") advises that as at approximately 08:00 hours
on 22 October 2003 production testing operations were continuing in the
Chinguetti 4-5 combined appraisal and early development well.
Since the last report, the well has continued to flow oil to surface and is
currently flowing oil at a steady rate of 12,500 bopd. The planned programme is
to obtain further data at this current rate before shutting the well in and then
re-opening for the main flow period. Further details will be announced once
available.
All reported times are UTC (also known as GMT).
Participants in the Chinguetti 4-5 well and PSC Area B are:
Woodside Mauritania Pty Ltd (Operator) 35.0%
AGIP Mauritania BV 35.0%
Hardman Resources Ltd 21.6%
Fusion Mauritania B Limited 6.0%
Roc Oil (Mauritania) Company 2.4%"
As previously announced on 28 May 2003, Fusion has entered into an agreement
with Premier Oil plc regarding the disposal of its interests in Mauritania.
Subject to fulfilment of certain conditions, Fusion will receive cash payments
linked to future production attributable to the current Fusion interests in PSC
A and PSC B.
Fusion's Managing Director, Alan Stein commented:
"Fusion has been involved in exploration in Mauritania since March 1997 and has
been involved in two discoveries, Chinguetti and Banda. We are very pleased to
note that the first extended production test to be run on the first of these
discoveries is proceeding as planned, and that the excellent flow rates being
achieved are as your Board expected. While these flow rates are early results,
they support Fusion's long-held view that Chinguetti has the potential to be a
highly productive field."
23 October 2003
Enquiries
Fusion Oil & Gas plc
Peter Dolan, Chairman Tel: 020 8891 3252
Email: pdolan@fusionoil.co.uk
Alan Stein, Managing Director Tel: 00 61 89226 3011
Email: astein@fusionoil.com.au
College Hill Associates Tel: 020 7457 2020
James Henderson Email: james.henderson@collegehill.com
Phil Wilson-Brown Email: phil.wilson-brown@collegehill.com
This information is provided by RNS
The company news service from the London Stock Exchange
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