Announcement of Oil Discovery in Well B1-147/03

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

NOC announced that the Turkish company” TPOC” being partners in an Exploration and Sharing agreement, report initial information concerning the exploration well B1-147/03 New Field Wildcat in Murzuq Basin. The well is located approximately 120 km Southeast of El-Sharara Oil Field.

The well B1-147/03, drilled in Murzuq Basin area 147 block # 03 to a total depth 9005 feet, encountered hydrocarbons in Memouniat Formation, it is tested with a flow rate 465 bbls/d of oil at 32/64 choke, the API is 34.

This well represents the fifth discovery for exploration activity of the company in area 147 block # 03, which was awarded by NOC in December 2005.

TPOC drilled the well 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) 90.3 %.Second Party Interest (TPOC) 9.7 % (Operator).


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