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sandsp.se
Sands Petroleum AB reports that three of five drillstem tests on well
B1-NC177, on Block NC177 onshore Libya, have been completed and
combined flowrates of 5,789 BOPD have been achieved. The first test
was carried out in the Beda level, and flowed 725 BOPD through a 1
inch choke.
The second test was done in the lower Zelten level, and flowed 303
BOPD through a 1/2 inch choke, and the best test has been from the
upper Zelten level (Zelten "A"), which flowed 4,761 BOPD with a
density of 48ø API through a 1 1/4 inch choke. The testing program
will now continue and two additional tests will be carried out in the
Facha level of the well, before the well will be suspended. The Facha
level is the principal target. The results so far are summarized in
the following table.
Test Choke (64th) Pressure PSI Oil BOPD Gas MMSCFD
1 64 201 725 3.4
2 32 220 303 0.5
3 80 487 4,761 6.5*
* 0% hydrogen sulphide and 1% carbon dioxide
Different options for appraisal drilling and early production systems
are now being reviewed.
Sands Petroleum AB has a 40% interest in Block NC177. Red Sea Oil
Corporation holds the additional 60% and is operator. Sands Petroleum
AB directly, and indirectly through its subsidiary International
Petroleum Corporation, IPC, owns approximately 61% of Red Sea Oil.
Sands Petroleum AB is quoted on the Stockholm Stock Exchange O-list,
and, as of today, on the Toronto Stock Exchange under the symbol
"SPB", and expects to be listed on NASDAQ, under the symbol "SANPY",
shortly. |
