PTTEP discovers new oil filed in Algeria

BANGKOK, December 6 (TNA) - PTT Exploration and Production Public Company Limited (PTTEP), an subsidiary of PTT Public Company Limited (PTT), and its partners have discovered a new oil filed, with the highest testing result, from the 6th exploration well in Hassi Bir Rekaiz Permits, Algeria. PTTEP President and Chief Executive Office or CEO Tevin Vongvanich announced the good news today, acknowledging that PTTEP and its partners have found the new oil field from the 6th exploration well Mouia Aissa-1 (MAS-1) drilled in Hassi Bir Rekaiz Permits, Algeria. Tevin said that the well was drilled to a total depth of 3,844 meters on November 11, 2012 and yielded the petroleum discovery in the formation of Triassic Argilo Greseux Inférieur or (TAG-I) reservoir. According to the PTTEP top executive, the flow test (Drill Stem Test - DST) was conducted and discovered the crude oil flow at approximately 5,243 barrels per day (BPD) and natural gas flow at approximately 5.0 million standard cubic feet per day (MMSCFD) - the highest flow rate having ever been discovered in Hassi Bir Rekaiz Permits. PTTEP and its partners have planned in the 1st exploration phase of Hassi Bir Rekaiz Permits to drill nine exploration wells during late 2011 to early 2013. At present, six exploration wells have already been completely drilled with five success wells. PTTEP and its partners are now on the process of flow test the 7th exploration well. Hassi Bir Rekaiz Permits is located onshore in the Eastern part of Algeria, covering an area of 5,378 square kilometers. PTTEP is an operator with a 24.5 per cent stake. Its joint venture partners of the project include SONATRACH (the Algerian National Oil and Gas Company) with a 51 per cent stake and CNOOC Limited (China's largest producer of offshore crude oil and natural gas) with a 24.5 per cent stake. (TNA)