PTTEP Makes an Oil/Gas Discovery on 433A Block in Algeria

01-22-2008

Thailand's PTT Exploration and Production PCL announces on Monday its PTTEP Algeria Co Ltd subsidiary had found oil and natural gas in its MOM-3 exploration well in Algeria's onshore 433a block.

The well, which "had yielded encouraging results", was drilled to "a total depth of 3,872 metres (12,700 ft) and encountered two zones of petroleum bearing formation with a total thickness of 30 metres", the firm said in a statement.

The flow rate testings indicated an average oil flow rate of 800 barrel per day (bpd) and a natural gas flow rate of about one million standard cubic feet a day (MMSCFD), the statement said.

PTTEP's unit has a 35 percent participation interest in the block, while PetroVietnam Exploration and Production Corp. owns 40 percent and state-run Algerian gas firm Sonatrach has 25 percent, it said.