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ANNOUNCEMENT OF OIL DISCOVERY IN THE EXPLORATION WELL F1-82/04 IN LIBYA
PJSC «TATNEFT» LIBYAN BRANCH as the Second Party (Operator) with the National Oil Corporation (NOC) of Libya, being partners in an Exploration and Sharing agreement (EPSA IV), signed in December 2005, announces a New Oil Discovery in Contract Area 82 Block 4 in Ghadames Basin as a result of testing the New Field wildcat well F1-82/04.
The exploration well has been drilled to a total depth of 8,500 feet and located approximately 330 km South of Tripoli.
The achieved flow rate is 1,870 BOPD from Devonian and Ordovician sandstones by certain choke size according to the Libyan legislation.
This well represents the third discovery for exploration activity of the company in area 82 block 4.
TATNEFT drilled the well as an operator under “EPSA IV” with National Oil Corporation (NOC) of Libya, with interest distributed as Follows:
First Party Interest (NOC Libya)89.5 %.
Second Party Interest (TATNEFT)10.5 % (Operator).