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An Oil Discovery in the Exploration Well A1-147/03

Source: www.gulfoilandgas.com 1/2/2011, Location: Africa

NOC announced that Turkish Petroleum Overseas company (TPOC) being partners in an Exploration and Sharing agreement, report initial information concerning the exploration well A1-147/03 New Field Wildcat in Murzuq Basin. The well is located approximately 120 km Southeast of El-Sharara Oil Field.

The well A1-147/03, drilled in Murzuq Basin area 147 block # 03 to a total depth 8,967 feet, encountered hydrocarbons in Memouniyat Formation between the interval 8500 and 8624, it is tested with a flow rate 685 bbls/d of oil at 28/64 choke, the API is 32.6.

This well represents the seventh 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 Peopleís 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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