The Company continues to make excellent progress with its exploration program in Area 47 and is on track to achieve its target to spud up to seven wells in 2007. Five wells have been drilled to date since September 2006 (one well having been drilled in 2006) of which three wells have been fully flow tested, a fourth well is currently flow testing and a fifth well is cased and awaiting flow testing. A sixth well is currently drilling and a seventh well is expected to spud by early October with the Company's second contracted drilling rig.
East 3D Seismic Survey 39% Complete
The 1,225 square kilometre East 3D seismic survey commenced at the end of July 2007 and is approximately 39% complete. The survey crew started in the north section and is working south. The 3D area encompasses more than 20 prospects and leads identified from the 2D seismic acquisition program completed in 2006, including the B1, C1, D1 and E1-47/02 wells drilled by the Company in 2007.
The acquisition phase of the East 3D seismic survey should be completed by the end of 2007 and processed and interpreted results should be available in the second quarter of 2008. However, it is planned to process and interpret the northern section of the survey (approximately 40% of the total) by year-end 2007 to guide potential drilling in this area in early 2008.
D1-47/02 Well Currently Flow Testing
The D1-47/02 new field wildcat exploration well, located approximately 5.3 kilometres northeast of the nearest well B1-47/02, was drilled and cased to a depth of 9,720 feet and found indications of multiple hydrocarbon-bearing sandstone reservoirs in the Lower Acacus, Middle Acacus and Aouinet Ouenine Formations as confirmed by shows during drilling, logs and other formation evaluation results including recovered fluid samples.
The well is currently being flow tested with the service rig and two of five planned intervals, both in the Lower Acacus Formation, have been tested. Delays are being experienced due to a "fishing" operation currently underway to recover stuck tubing in the well which could extend the program to early October. The original plan was to flow test up to five reservoir intervals from 244 feet of perforations. If fishing operations are unsuccessful then two of the remaining three intervals, representing 65 feet of perforations in the Lower Acacus and Middle Acacus Formations, would not be flow tested. However, the Company completed an extensive formation evaluation program over these intervals and good quality logs, pressure gradients and fluid samples are available to support future resource assessments.
E1-47/02 Well Drilled and Cased
The E1-47/02 new field wildcat exploration well, located approximately 17.5 kilometres east northeast from the nearest well D1-47/02 in the eastern part of Area 47, was drilled, cored, logged and cased in 45 days and the rig released on September 4, 2007. The well was drilled to a depth of 9,639 feet and found indications of multiple hydrocarbon-bearing sandstone reservoirs in the Lower Acacus Formation as confirmed by shows during drilling, logs and other formation evaluation results.
The indicated aggregate net pay in the E1-47/02 well is less than in the Company's first four wells. It is planned to flow test up to three reservoir intervals in the Lower Acacus Formation from 47 feet of perforations once the service rig has completed testing at the D1-47/02 well.
Mapping the size of the trap at the E1-47/02 well will benefit from the new East 3D seismic in this more tectonically affected part of Area 47 which has potential for both structural and stratigraphic play types.
F1-47/02 Well Currently Drilling
To avoid interference with the East 3D seismic survey currently underway, exploration and appraisal drilling through the remainder of 2007 will be focused primarily in the existing South 3D seismic area where the Company made its first oil discovery at A1-47/02 and where more than six additional prospects and leads have been identified.
The NOC approved the Company's sixth drilling location F1-47/02 as a new field wildcat exploration well in the South 3D seismic area. The well spudded on September 14 and is being drilled with Ensign Rig 28. The well is planned as a 10,300 foot test targeting the Lower Acacus Formation in a structure located approximately 8.2 kilometres northeast of the A1-47/02 oil discovery and 3.1 kilometres north northwest of the A1-NC3A oil discovery drilled by AGOCO in 1999.
Second Drilling Rig to Spud Seventh Well by early October
The Company's second contracted drilling rig KCA DEUTAG Rig T-19 is being mobilized to Area 47 following a two-well assignment to another operator in Libya. The rig is expected to be ready to spud the Company's seventh well in Area 47 by early October. The proposed drilling location is being finalized with the NOC.
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