Posted by: africanpressorganization | 1 March 2010

Maurel & Prom : Success of the OMOC-N-1 / Update on Exploration Programme

 

Maurel & Prom : Success of the OMOC-N-1 / Update on Exploration Programme

 

PARIS, March 1, 2010 /PRNewswire-FirstCall/ —

– Success of the OMOC-N-1 well: flow over 1,700 bpd

– Confirmation of extension of the Kissenda play to the Onal AEE in Gabon

– Draco-1 well in Syria and TieTie-NE-1 well in the Congo plugged and abandoned

GABON: Onal AEE (M&P operator, 85%)

The exploration well OMOC-N-1, drilled in the Onal AEE, has identified a 111-metre column of oil in the Gres du Kissenda. Pump tests have established a flow of 1,700 bpd of oil (flow limited by the pump’s maximum capacity) with an API of 33.4.

The characteristics of this oil are similar to Onal’s so it can be processed and evacuated using existing facilities.

The discovery of this oil accumulation confirms the extension of the Gres du Kissenda in the Onal AEE and the importance of this new exploration theme for the entire eastern edge of the Gabon coastal basin where the Group has significant exploration acreage.

The development expenditure for this discovery will be limited to the amount of the drilling wells and of the laying of collection pipes linking them to the Onal field facilities.

The Kissenda play has been encountered several times on the Omoueyi permit (M&P operator, 100%) with the OMKO, OMOE, OMAL and OMOC discoveries. This new play will supplement the Group’s traditional research subjects, hitherto concentrated on Gres de base, which have been the springboard for the Group’s major successes in this sedimentary basin.

This new success is a major step for the knowledge and the development of the Omoueyi permit. It reinforces Maurel & Prom’s decision to prioritise two major development areas: Gabon and Nigeria. Other projects may either contribute to Maurel & Prom’s growth depending on future results or be the subject of joint ventures with third parties.

Maurel & Prom (85%) operates the Onal production licence and is partnered by Tullow (7.5%) and AIC-Petrofi (7.5%).

SYRIA: Al Asi exploration license (M&P operator, 75%)

The Al Asi license is situated along the Mediterranean coast north of the Lebanon-Syria border and covers an area of 8,427 kmsquared. Following the 890 km of 2D seismic acquired by the Group in 2007 and 2008, 2 zones of interest were identified. The Draco prospect was identified in the East zone.

The Draco-1 well reached a final depth of 3,919 m in the Lower Carboniferous. Two formation zones Kurrachine (Trias) which had shown hydrocarbon indications during drilling have been tested one after the other. However, the characteristics of the Kurrachine reservoirs have proved too poor for hydrocarbon production.

Based on the results of these wells, the Group will concentrate its efforts on the second zone of interest situated in the West of the permit.

Two wells are due to be drilled in the next 4 years after complementary surveys and the acquisition of a 300 km 2D seismic.

CONGO: La Noumbi exploration license (M&P operator, 49%)

The Tie-Tie-NE-1 well has reached a final depth of 2,550 m in the Djeno formation (Lower Cretaceous). Between 1,775 and 1,875 metres, a siltstone interval has shown hydrocarbon indications. As a result of measurements performed at the end of the drilling, it appears that this interval (which exhibits strong gas shows) does not suggest viable commercial development due to its distance from potential markets. The well has therefore been plugged and abandoned.

However, this well has provided valuable information about a region where geological data are old and inadequate. This new information could be useful for the development of the Banio oilfield, 20 km over the border with Gabon that has been in production for over 2 years.

The drilling rig will now be moved overland across Gabon to the Banio-5 site 20 km away.

The Group’s exploration programme has been updated on our website: http://www.maureletprom.fr, under the Investor Relations tab.

This document may contain forecasts on the financial situation, results, activities and industrial strategy of Maurel & Prom. By their very nature, such forecasts incorporate risks and uncertainties since they are based on events and circumstances the future realisation of which is not certain. These forecasts have been made on the basis of assumptions that we consider reasonable but which could nevertheless prove to be inaccurate and which are derived from various risk factors such as changes in raw materials prices, exchange rates, uncertainties related to evaluating our oil reserves, actual prices of oil production and associated costs, operational problems, political stability; and legislative and regulatory reform; as well as war and acts of terrorism or sabotage.

 

Maurel & Prom is listed on Euronext Paris – compartment A – CAC

mid 100 Index

 

Isin FR0000051070 / Bloomberg MAU.FP / Reuters MAUP.PA

 

 

Diary dates:

07/04/2010 2009 results, after the market closes

08/04/2010 Analysts meeting at 10 a.m.

20/05/2010 AGM

For further information, go to http://www.maureletprom.fr

Communications: INFLUENCES, +33-1-42-72-46-76, communication@agence-influences.fr

SOURCE

Maurel & Prom


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