Maurel & Prom : Success of the OMOC-N-1 / Update on Exploration Programme
March 01 2010 - 1:00AM
PR Newswire (US)
PARIS, March 1, 2010 /PRNewswire-FirstCall/ -- - Success of the
OMOC-N-1 well: flow over 1,700 bpd - Confirmation of extension of
the Kissenda play to the Onal AEE in Gabon - Draco-1 well in Syria
and TieTie-NE-1 well in the Congo plugged and abandoned GABON: Onal
AEE (M&P operator, 85%) The exploration well OMOC-N-1, drilled
in the Onal AEE, has identified a 111-metre column of oil in the
Gres du Kissenda. Pump tests have established a flow of 1,700 bpd
of oil (flow limited by the pump's maximum capacity) with an API of
33.4. The characteristics of this oil are similar to Onal's so it
can be processed and evacuated using existing facilities. The
discovery of this oil accumulation confirms the extension of the
Gres du Kissenda in the Onal AEE and the importance of this new
exploration theme for the entire eastern edge of the Gabon coastal
basin where the Group has significant exploration acreage. The
development expenditure for this discovery will be limited to the
amount of the drilling wells and of the laying of collection pipes
linking them to the Onal field facilities. The Kissenda play has
been encountered several times on the Omoueyi permit (M&P
operator, 100%) with the OMKO, OMOE, OMAL and OMOC discoveries.
This new play will supplement the Group's traditional research
subjects, hitherto concentrated on Gres de base, which have been
the springboard for the Group's major successes in this sedimentary
basin. This new success is a major step for the knowledge and the
development of the Omoueyi permit. It reinforces Maurel &
Prom's decision to prioritise two major development areas: Gabon
and Nigeria. Other projects may either contribute to Maurel &
Prom's growth depending on future results or be the subject of
joint ventures with third parties. Maurel & Prom (85%) operates
the Onal production licence and is partnered by Tullow (7.5%) and
AIC-Petrofi (7.5%). SYRIA: Al Asi exploration license (M&P
operator, 75%) The Al Asi license is situated along the
Mediterranean coast north of the Lebanon-Syria border and covers an
area of 8,427 kmsquared. Following the 890 km of 2D seismic
acquired by the Group in 2007 and 2008, 2 zones of interest were
identified. The Draco prospect was identified in the East zone. The
Draco-1 well reached a final depth of 3,919 m in the Lower
Carboniferous. Two formation zones Kurrachine (Trias) which had
shown hydrocarbon indications during drilling have been tested one
after the other. However, the characteristics of the Kurrachine
reservoirs have proved too poor for hydrocarbon production. Based
on the results of these wells, the Group will concentrate its
efforts on the second zone of interest situated in the West of the
permit. Two wells are due to be drilled in the next 4 years after
complementary surveys and the acquisition of a 300 km 2D seismic.
CONGO: La Noumbi exploration license (M&P operator, 49%) The
Tie-Tie-NE-1 well has reached a final depth of 2,550 m in the Djeno
formation (Lower Cretaceous). Between 1,775 and 1,875 metres, a
siltstone interval has shown hydrocarbon indications. As a result
of measurements performed at the end of the drilling, it appears
that this interval (which exhibits strong gas shows) does not
suggest viable commercial development due to its distance from
potential markets. The well has therefore been plugged and
abandoned. However, this well has provided valuable information
about a region where geological data are old and inadequate. This
new information could be useful for the development of the Banio
oilfield, 20 km over the border with Gabon that has been in
production for over 2 years. The drilling rig will now be moved
overland across Gabon to the Banio-5 site 20 km away. The Group's
exploration programme has been updated on our website:
http://www.maureletprom.fr/, under the Investor Relations tab. This
document may contain forecasts on the financial situation, results,
activities and industrial strategy of Maurel & Prom. By their
very nature, such forecasts incorporate risks and uncertainties
since they are based on events and circumstances the future
realisation of which is not certain. These forecasts have been made
on the basis of assumptions that we consider reasonable but which
could nevertheless prove to be inaccurate and which are derived
from various risk factors such as changes in raw materials prices,
exchange rates, uncertainties related to evaluating our oil
reserves, actual prices of oil production and associated costs,
operational problems, political stability; and legislative and
regulatory reform; as well as war and acts of terrorism or
sabotage. Maurel & Prom is listed on Euronext Paris -
compartment A - CAC mid 100 Index Isin FR0000051070 / Bloomberg
MAU.FP / Reuters MAUP.PA Diary dates: 07/04/2010 2009 results,
after the market closes 08/04/2010 Analysts meeting at 10 a.m.
20/05/2010 AGM For further information, go to
http://www.maureletprom.fr/ Communications: INFLUENCES,
+33-1-42-72-46-76, communication@agence-influences.fr DATASOURCE:
Maurel & Prom CONTACT: Communications: INFLUENCES,
+33-1-42-72-46-76,communication@agence-influences.fr
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