Total Announces Significant Discovery

Total Announces Significant Discovery
Total (NYSE: TOT) announced Wednesday that it has made a significant gas and condensate discovery on the Luiperd prospect.

Total (NYSE: TOT) announced Wednesday that it has made a significant gas and condensate discovery on the Luiperd prospect, which is located on Block 11B/12B in the Outeniqua Basin, around 110 miles off the southern coast of South Africa.

The Luiperd well was drilled to a total depth of about 11,154 feet and encountered just under 240 feet of net gas condensate pay in well-developed good quality Lower Cretaceous reservoirs, Total noted. Following a comprehensive coring and logging program the well will be tested to assess the dynamic reservoir characteristics and deliverability, according to Total, which highlighted that the find follows the adjacent play opening Brulpadda discovery. Total announced the Brulpadda find back in February last year.

“We are very pleased with this second discovery and its very encouraging results, which prove the world-class nature of this offshore gas play,” Arnaud Breuillac, the president of exploration and production at Total, said in a company statement.

“With this discovery and the successful seismic acquisitions, Total and its partners have acquired important data on the Paddavissie fairway, which will help to progress development studies and engage with South African authorities regarding the possible conditions of the gas commercialization,” he added.

Block 11B/12B covers an area of 7,335 square miles, with water depths ranging from 656 feet to 5,905 feet. It is operated by Total with a 45 percent working interest, alongside Qatar Petroleum, which holds a 25 percent stake, CNR international, which holds a 20 percent interest, and Main Street, a South African consortium, which holds a 10 percent stake.

In addition to operating Block 11B/12B, Total operates the South Outeniqua Block in South Africa with a 100 percent interest. The business, which first started operating in South Africa back in 1954, is active in more than 130 countries and employs 100,000 people, according to its website.

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