Lundin Oil Announces C1-NC177 Well Onshore Libya Reaches Final Depth
VANCOUVER, BRITISH COLUMBIA--Lundin Oil AB, through its subsidiary International Petroleum Libya Ltd. ("IPLL"), is pleased to announce that the C1-NC177 oil exploration well on Area NC177, onshore Libya, has reached final depth of 12,007 feet.
At least three zones will undergo production flow tests, including the Gir "A" carbonate reservoir at an approximate depth of 4,000 feet; the Gir "F" carbonate at a depth of 6,500 feet; and the Beda "C" carbonate at a depth of 9,000 feet.
At 10,388 feet, the well penetrated 600 feet of Sirte sand/shale section with strong oil and gas shows, but this section does not warrant testing due to low sand content.
The C1-NC177 well is testing the Haruj "A" structure which is located 20 kilometres south of the En Naga field discovered by the Company in 1998. The En Naga field has been fully appraised and is awaiting development approval by the governmental authorities. The field, with proven and probable oil reserves of 71 million barrels, is currently scheduled to go onstream in early 2001 with a planned plateau production rate in excess of 22,000 barrels per day. The pipeline from En Naga to the nearest tie-in point of the main export pipeline has been sized to handle up to 80,000 barrels per day which would accommodate the Haruj "A" structure in the event of a discovery.
IPLL is the operator of Area NC177 and holds a 60% interest. The remaining 40% interest is held by Lundin Oil AB which also owns approximately 58% of the outstanding shares of Red Sea Oil.
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