RWE Dea Discovers Oil, Gas in Libya

On May 5, 2008, NOC announced that the German Company RWE Dea -- North Africa, a party to an EPSA 3 agreement concluded with NOC, has made a new oil discovery in the exploration well (B1 NC-195) at Area 195 in Sirte Basin (around 800 kms east of Tripoli, 100 kms south of Ras Lanuf).

The average daily production upon test measured 204 bbl/d and 15.4 Mmcf/d at Dahra, and 840 bb/d at Beda. Dahra was drilled to a total depth of 1,581. Beda was drilled to a total depth of 1,691.

Oil gravity at Dahra was 63.2 API, and oil gravity at Beda was 57.6 API.

Under the above mentioned EPSA Agreement, The share of NOC is 68% while the share of RWE is 32%