Oil Discovery in Algeria's Ghadames Basin Announced by ARCO, TPAO and Sonatrach

abarrelfull wrote on 09 Aug 2012 06:14
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21 July 1997

An exploration well has been successfully drilled and tested for oil on the Hassi Bir Rekaiz block in Algeria's Ghadames Basin, it was announced today by ARCO (NYSE: ARC), TPAO and Sonatrach, Algeria's national oil and gas company.

The Semhari-1 well was drilled to a total depth of 4,065 meters (13,337 feet) approximately 120 kilometers (74 miles) northeast of Hassi Messaoud, Algeria's largest oil field. The well tested oil at a cumulative rate of 1,539 barrels per day from two zones. Further exploration work is required to determine if the discovery is commercial.

Semhari-1 is the third well of ARCO's five-well exploration drilling program underway on the Hassi Bir Rekaiz and Guerrara blocks in eastern Algeria.

Los Angeles-based ARCO holds a 75% working interest in Hassi Bir Rekaiz under a 1992 production sharing contract with Sonatrach. TPAO, the national oil company of Turkey, holds the remaining 25% interest.

• Oil Discovery in Algeria's Ghadames Basin Announced by ARCO, TPAO and Sonatrach

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