Production sharing contracts signed in Cote d'Ivoire

Jan. 8, 1998 Gentry Resources Ltd., Ranger Oil Limited, Clyde Expro plc (a subsidiary of Gulf Canada) and TC Petroleum, have signed two significant Production Sharing Contracts with the Government of Cote d'Ivoire.
Gentry was instrumental in attracting these industry participants to the country when in March of 1997, the participants, along with Energy Africa Limited, entered into their first Cote d'Ivoire offshore exploration license, Block CI-102.
The two new offshore exploration licenses, CI-101 covering approximately 3,200 sq km (790,000 acres) and CI-103 covering approximately 2,500 sq km (620,000 acres), are located immediately south and south east of Block CI-102 in water depths of 200 meters and deeper. Participation in these two offshore exploration licenses represents Gentry's fourth and fifth international acquisitions within 10 months.
Block CI-101 and CI-103 are also situated south of the Espoir and Belier oil fields. The Espoir field was in production from 1980 to 1988 with an average daily output of 10,000 bpd. The field originally contained approximately 420 mm barrels of oil in place and was producing 8,000 bpd when it was shut down in 1988 due to harsh fiscal terms and high operating costs. The Espoir field redevelopment is currently being reviewed by Ranger Oil Limited as Operator, along with Switzerland-based Addax Petroleum and Ireland-based Tullow Oil. The Belier field is currently being explored by Santa Fe Energy.
Ranger Oil Limited, which possesses significant West African offshore exploration expertise, will act as Operator for the joint venture group.
Working interest: Ranger Oil Cote d'Ivoire SARL (Operator) 35.0 %, Gulf Canada Resources (through its subsidiary Clyde Expro Plc) 35.0 %, Gentry International (Cote d'Ivoire) Inc. 17.0 %, T.C. Petroleum Inc. 3.0 %, La Societe Nationale d'Operations Petrolieres de la Cote d'Ivoire 10.0 %
Hugh G. Ross, President & CEO of Gentry said, "The new focus in offshore West Africa is in the deep water exploration where, of 55 wells drilled, 11 commercial discoveries have been made. This approximately doubles the success rate for similar water depths in the prolific Gulf of Mexico."