FIELD ACTIVITIES / Lasmo Announces Further Exploration Success in
Algeria
NYSE SYMBOL: LSO
MAY 21, 1998
LONDON, ENGLAND--LASMO plc, the international oil and gas
exploration and production company, today announced the latest
success from its exploration program in the Berkine Basin in
Algeria.
The exploration well SFNE-1 was drilled to a total depth of 3,240
meters and encountered hydrocarbons in two pay zones within the
same Triassic reservoir. In the lower TAGI reservoir the well
tested at a maximum rate of 6,490 barrels of 39 degree API oil
trough a 32/64 inch choke. Testing from the middle TAGI produced a
maximum rate of 14,780 barrels of 42 degree API oil through a
40/64 inch choke.
Results from the SFNE-1 test confirm it is separate from the
ROD/BSFN structure. This latest discovery is located 8.5 km south
west of the BRSE-1 well which forms part of the ROD/BSFN
accumulation in block 402a.
Future activity on the SFNE feature may involve the acquisition of
3-D seismic, which could also cover the ROD/BSFN accumulation.
This would help define the south eastern extent of the structure
and assist in planning the development program.
John Hogan, LASMO plc's Chief Operating Officer said, "This is our
sixth successful well in block 402a and it continues the record of
significant discoveries made in the Berkine Basin. We are
confident that the additional exploration and appraisal work to be
undertaken this year will continue to produce further success."
/T/
Working interest partners in block 402a:
BHP Petroleum (Algerie) Inc. (operator) 45.00 percent
Anadarko Algeria Corporation 27.50 percent
LASMO Oil (Algeria) Limited (x)13.75 percent
Maersk Olie Algeriet A/S (x)13.75 percent
(x)subject to formal Government approval
/T/
Map available on request. Please contact Taylor Rafferty
Associates at (212) 889-4350.
In addition to LASMO's listing on the New York Stock Exchange,
LASMO shares trade on the London, Toronto and Montreal Stock
Exchanges. Shares are quoted on the SEAQ System, and prices may be
accessed on the Reuter Equities 2000 Service under the symbol
LSMR.L and on Quotron under the symbol LSMRU.EU. For further
information, visit LASMO's web page at http:\\www.lasmo.com. |
