SIPEX Unlocks Hydrocarbons in Libya's Ghadames Basin

Libya's NOC reported that a hydrocarbon discovery was made by the SIPEX Libyan Branch at the A1-65/02 wildcat well onshore Area 65 in the Ghadames Basin. Located approximately 230 kilometers south of Tripoli, the well was drilled to a total depth of 9,033 feet.

The A1-65/02 discovery well encountered both oil and gas in the Mamouniyat Formation, at an interval of 8,532 and 8,560 feet. Testing of the wildcat showed oil flowing at a rate of 1,344 bopd and a natural gas flow of 1.88 MMcf/d from a 28/64-inch choke. The oil gravity measured at 48.8 degrees API. This is the first discovery in Area 65.

Awarded by NOC in March 2005, Area 65 in the Ghadames Basin is held by Libya's NOC with a 75% first party interest. The remaining 25% second party interest is held by SIPEX, which drilled the A1-65/02 well as an operator under the EPSA agreement with NOC.