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Announcement of Oil & Gas Discovery in Well P1-147/03

Source: www.gulfoilandgas.com 12/7/2010, Location: Africa

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NOC announced that the Libyan Investment Authority (LIA) & Medco International Ventures Limited being partners in an Exploration and Sharing agreement, report initial information concerning the exploration well P1-47/02 New Field Wildcat in Ghadamis Basin. The well is located approximately 200 km Southwest of Tripoli. The well P1-47/02, drilled in Ghadamis Basin area 47 to a total depth 10,510 feet, encountered hydrocarbons in Memouniat and Lower Acacus Formations.

In Memouniat Formations the well is tested with a flow rate 94 bbls/d of oil and 3.34 mmcf/d of gas at 28/64 choke, the API is 56.8.and in Lower Acacus Formations tested with a flow rate 218 bbls/d of oil and 7.83 mmcf/d of gas at 28/64 choke, the API is 62.

This well represents the Sixteenth discovery for exploration activity in the area 47.

Libyan Investment Authority (LIA) & Medco International Ventures Limited as an operator under an EPSA agreement with NOC of the Great Socialist People’s Libyan Arab Jamahiriya with interest distributed as Follows:

- First Party Interest:
(NOC Libya) 86.3 %.
- Second Party:
(Libyan Investment Authority / LIA) 6.85%.
(Medco International Ventures Limited) 6.85%

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