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Wednesday, October 1, 2014
Indonesia’s PT Medco Energi Internasional, through its subsidiary Medco International Venture Ltd. made a new discovery in Libya. The discovery was on Area 47 with the drilling of the O2 well, which was spud on May 23.
The well was drilled to a total depth of 10,780 ft and the company said the initial tests had the well flowing at a rate of 3,300 bpd of oil and 140 Mcf/d of natural gas in the Top Lower Akakus formation. The O2 well location lies outside reservoir closing contour, and proved the existence of a stratigraphic element that may have connection to multiple structures in the area. The success with the O2 well and the previously drilled P2 add to the reserves in the prolific Ghadames Basin where Area 47 is located.
Medco also reported that the government of Libya has declared the B, C, and J structures of Area 47 commercial. Medco, along with its partners NOC and Libyan Investment Authority, will commence this development together with the A, D and F structures, previously declared commercial in 2011. Combined, the total estimated oil and gas recoverable reserves are at 250 million barrels of oil equivalent.
Lukman Mahfoedz, president, director and CEO MedcoEnergi, stated, “These successes prove our Company’s strong capability in exploration with more and more discoveries of new oil and gas resources in Indonesia as well as overseas. This achievement will contribute to MedcoEnergi’s growth by adding oil and gas reserves and increasing the Company’s reserve life index.”
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