53) Arguably for the NZLP this was a longer term process, which began in 1904 with the formation of the IPLL.
The IPLL, the first NZLP and the ULP all demanded white New Zealand in their platforms.
The En Naga North and West field was discovered by IPLL
in 1998 and has certified proven and probable recoverable reserves of 99 million barrels of oil.
IPLL is now evaluating the data with a view to assessing the impact of these results on the Haruj "A" structure on which the well was drilled.
IPLL plans to acquire 300 kilometres of seismic on NC177 in early 2000 in order to define further drilling targets.
Following the Company's acquisition of International Petroleum Libya Limited ("IPLL
"), which is subject to shareholder approval, the proceeds from the placement will be used to fund the drilling programme to be carried out on Block NC177, onshore Libya, where IPLL
intends to drill two wells back-to back commencing the fourth quarter of this year.