Tatneft Pounces on Oil at Onshore Libyan Wildcat

NOC confirmed that on January 28, TATNEFT, its partner in an Exploration and Sharing agreement, reported initial information concerning the exploration well B1-82/04 in Ghadames Basin.

Well B1-82/04, drilled to a total depth 8,750 feet and located approximately 345 km South of Tripoli, encountered hydrocarbons in Ouen Kasa with a net pay 11 feet.

The initial production testing from Ouen Kasa established an oil flow rate of 829 barrels per day, through a 32/64 inch choke, and with an API gravity of 37.31.

This well represents the second discovery in Area 82, which was awarded by NOC in December 2005. TATNEFT drilled the well as an operator under an EPSA agreement with NOC with interest distributed as Follows: First Party Interest (NOC Libya) 89.5 %. Second Party Interest (TATNEFT) 10.5 % (Operator).