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RWE Dea Makes the Third Oil Discovery in Sirte Basin of Libya

09-27-2007

RWE Dea continues exploration success with a third oil discovery in the Sirte Basin. Following the two oil discovery wells in NC 193 concession, the first discovery in NC195 further strengthens RWE Dea’s oil position in Libya.

The exploration well A1-NC 195 drilled by the rig KCA Deutag T19 hit a structure containing two oil pools in Dahra Formation at a depth of 1353m and Beda formation at a depth of 1457m. Subsequent production tests successfully established an oil flow of 1981 bbls/d in total through a choke size of 32/64”. Further appraisal activities are required to delineate anticipated reserves and establish the feasibility of an economical development.

The concession NC195 is the second successfully drilled Sirte license out of three. RWE Dea’s licence acreage in Libya covers a total of 30,000 sqkm in all together six concessions combined, which have been awarded to the company by the National Oil Corporation of Libya in May 2003. RWE Dea is the Operator with a 100% participation interest in the project.

The current drilling campaign in RWE Dea’s license portfolio is targeting further promising prospects for hydrocarbons and the appraisal of the already encountered volumes. Three drill-ing rigs are under contract to drill at least seven additional wells in the Concessions NC193, NC194, NC195 and NC197.