Madalena Ventures Inc. on behalf of its wholly owned subsidiary, Madalena Ventures International Inc., announced the commencement of drilling of the TT-2 exploratory well on the Sud Remada Permit operated by Storm Ventures International.
The TT-2 well is being drilled on a large Ordovician structure which has an areal extent of approximately 70 square kilometres. The well will be drilled approximately one kilometre from an older well (TT-1) which recovered light oil and gas when drilled and tested in 1959. New 2D seismic data shot and interpreted in 2007 indicates that the TT-2 location should encounter the target Ordovician Bir Ben Tartar sandstones 15 to 20 metres higher than in the TT-1 well. It is expected that drilling and testing operations in this 1,600 metre well will last approximately 30 days.
The Remada Block has exploratory potential in the Ordovician, Silurian Acacus and Triassic Ras Hamia formations. All three zones are proven commercially productive from adjoining blocks in Libya or Tunisia with significant reserves potential. The 2D seismic program conducted over the Block during 2007 has also delineated additional prospective structures which are under review by the Company for drilling consideration. The new seismic program has enlarged the potential for the primary drilling prospect in the Ordovican, and also identified several new leads for the Acacus play. Madalena will pay 30% of the well costs to earn a 15% working interest in approximately 600,000 acres in the Remada Block, with an ongoing option to drill a second test well at 30 % participation to earn a 15% working interest in an additional 600,000 acres.
Madalena also advises that the interpretation of the offshore 3D seismic program conducted over the Hammamet Block in the Pelagian Basin offshore Tunisia is progressing well. The 3D seismic program indicates the presence of several high quality features that the Company is evaluating for potential drilling during 2008/2009. A study of the 3D seismic program is also ongoing to evaluate the potential reactivation of the Tazerka field located on the Hammamet Block which recovered approximately 21 million barrels of oil prior to its deactivation. Madalena maintains the option to participate for 30% in the drilling of a well on the Hammamet Block to earn a 15 % working interest in the entire 1.1 million acre Hammamet Block.
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