www.forbes.com Reuters, 01.29.03, 9:03 AM ET

DALLAS, Jan 29 (Reuters) - Offshore oil and gas driller Ensco International Inc. (nyse: ESV - news - people) on Wednesday reported a quarterly loss after a charge for the impairment of its business in politically torn Venezuela.

Ensco also warned of lower-than-expected profit in the 2003 first quarter.

The company, based in Dallas, reported a fourth-quarter loss of $10.7 million, or 7 cents per diluted share, compared with net income of $29.9 million, or 22 cents per diluted share, a year earlier.

Fourth-quarter revenue rose to $206.8 million from $179.1 million. The 2002 fourth quarter results include a $46.1 million non-cash after-tax charge for impairment of business in Venezuela. Excluding special charges, the company earned $35.4 million, or 24 cents per diluted share, in the quarter, in line with analysts' average estimate as compiled by Thomson First Call.

The company said soft drilling demand in the Gulf of Mexico, and possibly in the North Sea, along with scheduled shipyard downtime, would likely result in first-quarter earnings per share of 16 cents to 21 cents. Analysts polled by First Call on average expected 26 cents a share.

www.newswire.ca

Renowned Metallurgist and Project Builder Will Lead Development of Cristinas Project        

TORONTO, Jan. 29 /CNW/ --

Crystallex International Corporation (Amex: KRY; TSX) announced today that Ken Thomas has agreed to join the Company as its Chief Operating Officer, effective April 1, 2003. Mr. Thomas will direct the Company's mining operations in Venezuela and Uruguay and will be instrumental in the development, construction and operation of the Company's Las Cristinas project located in Bolivar State in Venezuela.

"Ken Thomas is one of the best process engineers in the industry and Crystallex is very fortunate to add him to our management team," said Marc J. Oppenheimer, President and CEO of Crystallex. "Ken has been recognized throughout his career for his achievements in operations management, engineering and mining technology. He brings a complete knowledge to the engineering, construction, commissioning and management of gold processing facilities, and he will play an integral role in the development of the Las Cristinas project. His leadership and management skills will be invaluable during a period of critical growth in our Company."

Mr. Thomas' mining and metallurgical skills have been recognized with a number of industry awards including the Selwyn G. Blaylock Medal, for his many achievements in the mining industry internationally and the "Mill Man of the Year" award from the Canadian Institute of Mining, Metallurgy and Petroleum. Mr. Thomas served for many years as a senior officer at Barrick Gold Corporation. From 1990-1995, he was Barrick's Senior Vice President, Metallurgy & Construction, and from 1995 until his departure from Barrick in 2001, he served as Senior Vice President, Technical Services. In April of 2001, Mr. Thomas joined Hatch and served as Global Managing Director, Mining and Mineral Processing. He is currently Managing Director for Hatch in Western Australia. Prior to joining Barrick Gold Corporation in 1987, Mr. Thomas spent ten years managing gold and copper projects for Anglo American Corporation and five years as a Design, Engineering and Commission Process Engineer with Kilborn Limited. Mr. Thomas is a professional engineer and obtained his doctorate in Technical Sciences from Delft University of Technology in The Netherlands. He holds numerous related degrees and accreditations.

"Ken's experience in building operations and his particular expertise in processing gold in the presence of copper are ideally suited to the Crystallex operations, both existing and planned, in Venezuela. During his tenure at Barrick, he was extensively involved in new projects in South America. He was directly responsible for the process research, engineering, construction and commissioning of the Pierina Project in Peru, upgrading of the El Indio Project in Chile and studies for the Pascua-Lama/Valedero district that straddles the Chile/Argentina border. Mr. Thomas was also extensively involved in the Goldstrike autoclave and roaster projects in Nevada," added Mr. Oppenheimer. "His addition to senior management reflects our continuing commitment to build a skilled and experienced management team at Crystallex and lay a solid foundation for our future growth."

About Crystallex
Crystallex International Corporation is a Canadian based gold producer with operations and exploration properties in Venezuela and Uruguay. Crystallex shares are traded on the TSX and AMEX Exchanges and Crystallex is part of the S&P/TSX Composite Index, the most widely followed benchmark index in Canada. Crystallex has been focused on strategic growth in South America and recently signed a definitive agreement with respect to the Las Cristinas mining properties in Venezuela and has taken possession of those properties. Crystallex is currently reviewing drill data and studies previously completed in preparation for the completion of a feasibility study to support its development plans for the properties.

To receive previous Company releases:  (800) 758-5804  ext.114620
Visit us on the Internet:  http://www.crystallex.com

Note: This news release may contain certain "forward-looking statements" within the meaning of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included in this release, including, without limitation, statements regarding potential mineralization and reserves, exploration results, and future plans and objectives of Crystallex, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed under the heading "Risk Factors" and elsewhere in documents filed from time to time with The Toronto Stock Exchange, the United States Securities and Exchange Commission and other regulatory authorities.
The Toronto Stock Exchange has not reviewed this release and does not accept responsibility for the adequacy or accuracy of this news release.

abcnews.go.com

The Associated Press CARACAS, Venezuela Jan. 29 —

In 58-Day-Old Venezuela Strike, Chavez Gets Oil Production Beyond 1 Million Barrels a Day

CARACAS, Venezuela (AP) President Hugo Chavez is winning the battle for control of Venezuela's oil industry, overcoming efforts by workers at the state oil company to strangle it with a 58-day-old strike.

But even as the Chavez government boosts production beyond the million-barrel benchmark, the work stoppage that also affects other industries is still having devastating effects on his the country's recession-ridden economy.

Production reached 1 million barrels per day Tuesday one-third of pre-strike levels, according to striking executives at state oil monopoly Petroleos de Venezuela S.A. It had slipped as low as 200,000 barrels per day in December.

Output is rising because the government is focusing on newer oil fields, where crude is easier to extract. But the recovery should slow when the government is forced to reactivate old wells that have sat idle for nearly two months, making their crude sticky and difficult to pump.

"They are going for the lowest hanging fruit on the tree, the easiest to grab," said Ed Silliere, vice president of risk management at Energy Merchant LLC in New York. "In a few weeks, it is going to be a struggle."

Silliere said he expects difficulties to begin when output reaches 1.2 million to 1.4 million barrels per day.

In an effort to regain control of the oil monopoly, Chavez has sacked more than 5,000 of its 40,000 workers. State oil company executives warn the firings will make it even more difficult to reach full production capacity.

"That's what happens when unprepared personnel are put to work," Juan Fernandez, the leading spokesmen for dissident state oil workers, told a press conference.

Opposition leaders insist the strike will continue. But a public backlash over food, gasoline and medicine shortages has prompted some workers to consider easing the stoppage in certain areas.

Shopping malls, restaurants and schools may reopen next week, at least part-time, said Julio Brazon, president of the Consecomercio business chamber. Some small businesses have reopened, and others never closed.

"The lifting of the strike is not being proposed now," said Carlos Ortega, president of the nation's largest labor union. "What is being proposed are some strategies that correspond to sectors involved in the strike." He did not elaborate.

Venezuelans must wait for hours in miles-long lines outside service stations. To ease the inconvenience, the government will impose limits on daily gas sales, said Luis Vierma, director of hydrocarbons at the Energy and Mines Ministry.

Although Chavez has had some success in reviving oil production, which provides half of Venezuela's government revenue and 70 percent of export earnings, he faces a daunting task in recuperating the country's economy.

Capital flight, stalled investment and strike damage led Santander Central Hispano investment bank to forecast a 40 percent contraction in the first quarter of 2003. Unemployment stands at 17 percent.

A freeze on foreign currency sales to protect the bolivar, which has lost 25 percent of its value this year, was extended Tuesday. The bolivar traded at 2,300 to the dollar Tuesday in secondary markets between private parties, bankers said. It was 1,853 to the dollar before the suspension started last week.

Limits on the amount of foreign currency Venezuelans can buy go into effect next week. The measure has been severely criticized by executives who say it could hurt businesses that depend on U.S. dollars to import goods.

"Chavez many have the initial advantage, but over the long term, he's going to have a much more difficult path," said Steve Johnson, senior policy analyst for Latin America at the Washington-based Heritage Foundation.

news.bbc.co.uk Wednesday, 29 January, 2003, 11:34 GMT

Managers at PDVSA have been key strike leaders

A total of more than 5,000 Venezuelan oil workers have been fired since they walked out eight weeks ago in an anti-government strike.

The official Venpres news agency quoted state oil company boss Ali Rodriguez as saying 5,111 employees had been dismissed for "dereliction" and that the number would rise.

Rodriguez warns there will be more sackings

The government had already announced about 3,000 job cuts since the strike began at state-owned Petroleos de Venezuela (PDVSA), which had about 40,000 employees.

Oil production almost ground to a halt in the world's fifth largest oil exporting country because of the strike, which helped send crude oil prices to two-year highs.

But striking oil workers have conceded that crude output has reached 1.05 million barrels a day, a third of pre-strike levels, after the military and foreign workers restarted production.

Strikers split

Venezuela's opposition has denied that the strike is faltering after businesses started to reopen, oil production increased and public infighting took place between strike leaders.

"This strike has not failed and will not fail," said Carlos Ortega, a union boss opposed to President Hugo Chavez.

Many blue-collar oil workers have returned to work, but PDVSA managers and skilled oil professionals say they will continue to strike until Mr Chavez resigns or holds elections and reinstates fired workers.

The split between the right-wing business and labour groups mirrors that during the coup last April when a similar alliance temporarily ousted the democratically elected Mr Chavez.

The then head of the business chamber Fedecameras, Pedro Carmona, seized power, dismissed parliament and the Supreme Court and excluded the labour co-conspirators from his cabinet.

Dubbed "Pedro the Brief" by the press, he was himself ousted after 48 hours and Mr Chavez returned to office.

www.vheadline.com Posted: Wednesday, January 29, 2003 - 2:46:04 AM By: Robert Rudnicki

A high-level delegation of representatives from the "Friends of Venezuela" group as due to arrive in Caracas tomorrow, Thursday, to lend their weight to Organization of American States (OAS) secretary general Cesar Gaviria's efforts to bring the ongoing political stalemate to a peaceful and democratic solution. 

The group, composed of Brazil, Chile, Mexico, Portugal, Spain and the United States, held its first meeting last week in Washington, during which Foreign Ministers from the six nations discussed possible ways to end the crisis, including the two proposals put forward by former US President Jimmy Carter. 

Calls by President Hugo Chavez Frias and members of his government that other nations such as Algeria, Cuba, China, France and Russia should be included in the group, have so far been met with refusals, but Cuban leader Fidel Castro said he would consider joining if he were asked. 

Ahead of the group's arrival, Coordinadora Democratica leaders are considering lifting certain areas of the work stoppage, in what they claim to be a goodwill gesture.