Ashanti Gold Corp. GULSF

RE: Possible timeline

[snafur]

From IFR: The proposed well is a shallow 5400 foot, Paleocene sand play that is set up by the 15/18a fallow discovery well drilled in 1992. The 15/18a well encountered a nine foot oil column in the Lower Forties Member, and established a definitive oil/water contact. A 3-D seismic survey was shot in 1997 and subsequent amplitude analysis (AVO) and rock physics work indicate proximity to an oil accumulation with four way dip closure. If the Maria Prospect is successful, numerous export options are available, the most viable being a 10 km. tie in to the Saltire Field.