Continental Focus, International Reach

Harvest Natural Updates Gabon Action

Friday, April 5, 2013

Harvest Natural Resources reported on its activities over 2012 in Gabon on the Dussafu PSC. During the year the company entered into the third exploration phase, commenced drilling operations on the exploration well DTM-1, and subsequently drilled an appraisal sidetrack – DTM- 1ST1. These wells were drilled with the Saipem Scarabeo 3 semi-submersible drilling unit in a water depth of 380 ft.

The DTM-1 well was spud mid-November and drilled to test the potential of the pre-salt Gamba and Dentale Formations of the Tortue Prospect. The DTM-1 well reached a vertical depth of 11,260 ft within the Dentale Formation. Log evaluation and pressure data indicate that Harvest discovered approximately 42 ft of pay in a 72 ft oil column within the Gamba Formation and 123 ft of pay in stacked reservoirs within the Dentale Formation.

The Tortue oil discovery was appraised by drilling the DTM-1ST1 sidetrack to approximately 1,800 ft to the southwest to test the lateral extent and structural elevation of both the Gamba and Dentale Formations. DTM-1ST1 was drilled to a TD in the Dentale of 11,385 ft and found 65 ft of oil pay in the principal Dentale sand with an apparent similar fluid level to that encountered in the vertical well DTM-1.

Harvest said that several other Dentale sands with oil shows were encountered; however, due to a stuck downhole tool, logging operations in the sidetrack were terminated before pressure data could be collected. The DTM-1ST1 well was suspended pending future appraisal and development activities. The drilling rig was released on February 21.

The Tortue discovery is the second consecutive discovery made by Harvest and the fourth oil discovery on the block along with Ruche, Walt Whitman, and Moubenga. The core and fluid data has been shipped from Gabon for laboratory analysis and the wireline data is being integrated with the seismic in on-going subsurface studies. Specifically, these studies include velocity modeling and depth conversion uncertainty modeling, reservoir characterization and dynamic modeling studies. Our current interpretation of the Tortue discovery indicates a preliminary range of contingent resources between 5 and 45 Mmbbl.

This most recent discovery brings the combined mean estimate for contingent resources for the block to 46 million barrels, including the three other existing oil discoveries in Ruche, Walt Whitman, and Moubenga.

A program of subsurface and conceptual engineering studies has commenced with the objective of evaluating the commerciality of Tortue and the other oil discoveries to determine the optimum development options for the block.

In other parts of the block, activities during 2012 included completion in July of the Pre-Stack Time Migration (PSTM) processing of 545 sq km of Central 3D seismic, which was acquired in Q4 2011. Pre-Stack Depth processing and reprocessing of the new Central 3D together with the 2005 Inboard 3D seismic, approximately 1,300 sq km commenced in June 2012. The Pre-Stack Depth processing of the merged 3D project is expected to be completed in Q2 of 2013.

Harvest operates the Dussafu PSC, holding a 66.667% interest.


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