Vintage Petroleum Suspends Operations on An Naeem Field

Vintage Petroleum reports that its exploration well, the An Naeem #3, was drilled to a depth of 5,325 feet and testing has been completed. The An Naeem #3 targeted an oil rim down dip to a gas discovery defined by the An Naeem #1 and An Naeem #2 wells previously drilled by Vintage. Although the third well successfully tested hydrocarbons in the targeted Alif formation, an oil rim was not encountered. The well tested natural gas at a rate of 3.8 million cubic feet per day and 12 barrels of condensate per day from a 26-foot, perforated interval. Operations have been suspended pending further evaluation of the An Naeem structure.

As part of the ongoing drilling campaign, Vintage is currently mobilizing drilling operations to drill the An Nagyah #3. The objective of this well will be to help assess the potential of the oil discovery made by the An Nagyah #2, which successfully tested 46 degree API oil from the sub-salt Lam formation during December 2002. The An Nagyah #3 is targeting the Lam sand approximately 100 feet down dip from the An Nagyah #2. The Alif sands are a secondary objective of this test. Vintage has a 75 percent working interest in the 850,000 acre S-1 Damis block in Yemen and is the drilling program operator.

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