Gulf Oil and Gas accountACCOUNT

A New Oil Discovery By SIPEX

Source: www.gulfoilandgas.com 4/13/2009, Location: Africa

NOC announced on 13/4/2009 that SIPEX Libyan Branch being the second party with NOC in an EPSA agreement, reports that it has drilled A1-65/02 New Field Wildcat well in Ghadames Basin to a total of 9,033 ft. The well is located approximately 230 Km south of Tripoli.

The initial production testing established an oil flow as follows:
Well name: A1-65/02, Formation Mamouniyat, Interval (ft): 8,532-8,560, Choke size: 28/64, Oil rate (bbls/d): 1344, Gas rate (mmcf/d): 1.88, Oil gravity: 48.8.

This well represents the first discovery in area 65, which was awarded by NOC in March 2005. SIPEX drilled the well as an operator under EPSA agreement with NOC with interests distributed as follows:
First party interest (NOC) 75%.
Second party interest (SIPEX) 25%.

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