NOC Discovers Oil, Gas at Wildcat Well D1-NC129

Libyan National Oil Company (NOC) reported a new oil discovery by the Arabian Gulf Oil Company (AGOCO), a NOC wholly owned company. Discovery well D1-NC129 (New Field Wildcat Well) is located in the Sloug Depression Basin, about 100 kilometers south of Benghazi City and 25 kilometers northeast of the Zueitina Oil Terminal in Libya.

The well was drilled to a total depth of 8,500 feet. Initial production tests show that the discovery was of the Paleocene Dolomite formation at a depth of 7,504 feet, through a choke of .5 inches. Tests confirm an oil flow rate of 2,780 barrels per day and .326 MMscf/d with an API gravity of 46.1.

This discovery follows the AGOCO major oil discovery in March 2007 in Block NC4 at the Ghadames Basin about 250 kilometers south of Tripoli.