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Announcement of Oil Discovery in The Well D1-47/04

Source: www.gulfoilandgas.com 11/7/2010, 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 D1-47/04 New Field Wildcat in Ghadamis Basin. The well is located approximately 180 km Southwest of Tripoli.

The well D1-47/04, drilled in Ghadamis Basin area 47 to a total depth 10,600 feet, encountered hydrocarbons in Memouniat and Lower Acacus Formations.

In Memouniat Formations the well is tested with a flow rate 1,385 bbls/d of oil and 2.85 mmcf/d of gas at 28/64 choke, the API is 44 and in Lower Acacus Formations tested with a flow rate 560 bbls/d of oil and 0.12 mmcf/d of gas at 28/64 choke, the API is 36.6.

This well represents the Seventeenth 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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