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Article: Canadian Firm Red Sea Has High Hopes As It Raises Funds for Libyan.
- Article from:
- The Oil Daily
- Article date:
- June 9, 1999
CopyrightCOPYRIGHT 1999 Energy Intelligence Group. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Oil Project
Canada's Red Sea Oil Corp. has raised C$43 million (US$29 million) in a rights issue to support its oil exploration and development interests in Libya.
Although Red Sea is a one-project company, Chief Financial Officer Ashley Heppenstall portrayed this as an advantage, describing it as "probably the only pure Libyan play that exists today."
Red Sea shares Block NC177 in Libya's Sirte Basin with its parent company, Swedish-Canadian Lundin Oil. They have submitted a development plan for their En Naga discovery to the Libyan authorities, and hope for approval by September. A US$129 million project would aim to produce 12,500 b/d one ...