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PTTEP is Successful in the First Exploration Phase

Source: www.gulfoilandgas.com 4/18/2013, Location: Africa

Mr. Tevin Vongvanich, President and CEO of PTT Exploration and Production Public Company Limited or PTTEP is pleased to announce that PTTEP and its partners, SONATRACH and CNOOC Limited, have successful drilling results in the 1st exploration phase of Hassi Bir Rekaiz Permits in Algeria where the crude oil and associated gas flow rates are very satisfactory.

The last 3 exploration wells were drilled and yielded petroleum discoveries. The flow tests (Drill Stem Test - DST) of the 9th exploration well (Sahane Bagas -1) were conducted and discovered, in Ordovician and TAG-I reservoir, crude oil flow at approximately 2,658 barrels per day (BPD) and associated gas flow at approximately 2.13 million standard cubic feet per day (MMSCFD) the highest flow rate among these 3 wells. Meanwhile the 7th exploration well (Rhourde Rhorfat-1) and the 8th exploration well (Rhourde Abadje-1) showed the crude oil flow at the approximate rate of 478 BPD and 484 BPD, respectively.

This drilling of 9 wells as per commitment to the contract of Hassi Bir Rekaiz Permits started from October 2011 to April 2013. In this exploration phase, 7 exploration wells were successfully tested with crude oil & associated gas. Furthermore, the 3rd exploration well (ROS-1) was already drilled and shown hydrocarbons evidence from petrophysical analysis which will be conducted flow testing soon.

PTTEP and its partners planned to continue the 2nd exploration phase, consisting of 3D seismic acquisition and drilling of appraisal & exploration wells.

The Hassi Bir Rekaiz Permits is located onshore in the Eastern part of Algeria. It covers an area of 5,378 square kilometers. PTTEP is the operator with 24.5% interest. Its joint venture partners of this project comprise of SONATRACH (the Algerian National Oil and Gas Company) with 51% interest and CNOOC Limited (China's largest producer of offshore crude oil and natural gas) with 24.5% interest.

Apart from Hassi Bir Rekaiz, PTTEP also jointly operates the Bir Seba field, 433a & 416b Permits in Algeria, which is currently under the development phase.

For more information about related Opportunities and Key Players visit Algeria Oil and Gas Projects

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