Algeria's Hassi Bir Rekaiz Project JV to Submit Development Plan in 2017

Thailand's PTT Exploration and Production Plc (PTTEP), the exploration phase operator of the onshore Hassi Bir Rekaiz Project in eastern Algeria, indicated Tuesday that the joint venture plans to submit a development plan to the authorities for approval in early 2017 after successfully completing a drilling campaign.

The Bou Goufa-2 (BOG-2) in Bou Goufa-Rhourd Ez Zita discovery area which is the last appraisal well of the campaign found crude oil and associated gas flow at a very satisfactory rate after being drilled to a total depth of 13,333 feet (4,064 meters) at the end of April 2016. A drill stem test (DST) was conducted and showed flow rates in the Triassic Argilo Greseux Inferieur (TAGI) formations of crude oil flow at an average of approximately 2,406 barrels per day (bpd) and associated gas flow at approximately 2.9 million standard cubic feet per day (MMscf/d).  These results confirmed the commercial potential of petroleum in this area.

"PTTEP has achieved great success and is very satisfied with the significant results of the drilling campaign in Hassi Bir Rekaiz. PTTEP and our partners will prepare and submit the field’s development plan to the Algerian Authorities in early 2017 for approval," PTTEP President and CEO Somporn Vongvuthipornchai said in the press release.

Algeria's National Company for Exploration, Production, Transport and Commercialization of Hydrocarbons (Sonatrach), PTTEP and China's CNOOC Ltd. hold 51 percent, 24.5 percent and 24.5 percent interest in the 1,037 square mile (2,686 square kilometer) block.



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