Medco finds oil in Libya?s third well

JSX-listed PT Medco Energi International together with its Canadian partner Verenex Energy Inc discovered oil in their third exploration well in Libya.

?The Libyan National Oil Corporation (NOC) has officially announced that the Operator?s third new field wildcat exploration well C1-47/02 is an oil discovery,? the company said in a press statement on Monday.

Verenex, the operator of the field, carried out extended flow tests from a total of 188 feet of perforations in four intervals in the Lower Accacus Formation at depths of between 8,447 and 9,434 feet and one interval in the Aouinet Ouenine Formation at depth of 5,890 feet.

Measured through a small, restrictive choke size of 36/646ths inch, the well flowed 8,718 barrels of oil per day (gross) from the five intervals tested.

Measured through a larger choke size ranging from 32/64ths to 96/64ths inch, the well flowed at a combined rate of approximately 23,570 bopd (gross).

?I?m pleased with the drilling results in Libya. We are confident that Libya?s oil discovery will become a major contributor to MedcoEnergi?s production growth in the future,? MedcoEnergi?s President Director Hilmi Panigoro said.

Verenex also discovered oil in the first and second exploration wells.

MedcoEnergi and Verenex have equal shares in the field. (Bodega)