Verenex, Medco confirm large hydrocarbon accumulation in Libya block
Tuesday, February 5 2008 - 12:52 AM WIB
?This is a significant development and reinforces the possibility of both structural and stratigraphic play types in Area 47, increasing the exploration potential of the block,? the company said. The block is operated by Canadian firm Verenex energy with 50 percent interest.
Since acquiring exploration rights to Area 47 in 2005, the Operator has drilled and cased six new field wildcat exploration wells and two appraisal wells. Six of these wells have been fully tested at a maximum aggregate flow rate, as restricted by test equipment capability, of greater than 75,000 barrels of oil per day ("bopd") (gross) through choke sizes on particular wells and reservoir intervals ranging from 32/64ths to 128/64ths inch.
Flow testing of a seventh well has recently been completed and results will be released following review and approval by the Libyan National Oil Company (NOC), the company said.
The company said the Operator has engaged with third party to assess contingent (discovered) and prospective (undiscovered) resources in Area 47. The assessment is underway to support the Operator valuations and commerciality application for an initial phase of production. The Operator advised that the southern part of Area 47, and the areas immediately to the east, is contemplated as the core for an initial production phase by the end of 2009, it said.
The Operator has issued a request for tenders for the Front End Engineering and Design (FEED) for the gathering lines, export pipeline and processing facilities for the initial phase of production and expects to award FEED contracts in February. The results from the FEED work will be incorporated in the commerciality application, it said. (alex)