Libya's National Oil Corporation Announces Oil Discoveries

National Oil Corporation announced two new oil discoveries. One was made by Zueitina Oil Company, acting as Operator for NOC, Occidental and OMV, in Block NC74A, located south west of the Sirte sedimentary basin.

This discovery was made by evaluating and re-testing Well No. C1-NC74A and confirmed by drilling the Appraisal Well No. C2-NC74A. This new field is located 42 kilometers north of Zella Field.

Primary data indicated that the Facha reservoir in the Jeer formation contains oil at a depth of 5,032 feet, which has been supported by successful production tests, where the daily production rate was 550 barrels of high quality oil through a 128/44 inch choke.

The other discovery was made by the German Company, RWE Dea North Africa & Middle East, Libya Branch, in Block NC193 at Sirte Basin.

The primary test was made in the Dahra formation at depths of between 4,244 4,214 feet, where the crude oil flowed at an average of 410 barrels per day through a 32/64 inch choke.

The discovered crude gravity is around 35 degrees API.

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