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PTTEP, Partners Discover New Oil Field in Algeria

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Mr. Tevin Vongvanich, President and CEO of PTT Exploration and Production Public Company Limited or PTTEP is pleased to announce that PTTEP and its partners discovered new oil field from the 6th exploration well Mouia Aissa-1 (MAS-1) drilled in Hassi Bir Rekaiz Permits, Algeria.

The well was drilled to a total depth of 3,844 meters on November 11, 2012 and yielded the petroleum discovery in formation of Triassic Argilo Greseux Inférieur (TAG-I) reservoir. The flow test (Drill Stem Test - DST) was conducted and discovered the crude oil flow at approximately 5,243 barrels per day (BPD) and natural gas flow at approximately 5.0 million standard cubic feet per day (MMSCFD) - the highest flow rate that has ever been discovered in Hassi Bir Rekaiz Permits.

PTTEP and its partners have planned in the 1st exploration phase of Hassi Bir Rekaiz Permits to drill 9 exploration wells during late 2011 to early 2013. At present, 6 exploration wells were completely drilled with 5 success wells. PTTEP and its partners are now on process of flow test the 7th exploration well.

Hassi Bir Rekaiz Permits is located onshore in the Eastern part of Algeria. It covers an area of 5,378 square kilometers. PTTEP is the operator with 24.5% interest. Its joint venture partners of this project comprise of SONATRACH (the Algerian National Oil and Gas Company) with 51% interest and CNOOC Limited (China's largest producer of offshore crude oil and natural gas) with 24.5% interest.

Apart from Hassi Bir Rekaiz, PTTEP also jointly operates the Bir Seba field, in Algeria 433a & 416b Permits in Algeria, which is currently under the development phase.
 

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