PTT Exploration and production discovers oil at Algeria project

9/21/2012

PTT Exploration and production discovers oil at Algeria project

BY ORANAN PAWEEWUN

BANGKOK -- PTT Exploration and Production said that it has discovered crude oil in the fourth and fifth exploration wells at its Hassi Bir Rekaiz project in Algeria.

The fourth exploration well yielded crude oil flow of around 485 bopd in the formation of the Ordovician reservoir, while another well yielded flow of around 553 bopd and 1,870 bopd at formations of the Ordovician reservoir and Triassic Argilo Greseux Inferieur reservoir, respectively, President and Chief Executive Tevin Vongvanich said in a statement.

The Thai Petroleum explorer plans to drill nine exploration wells at the project over the late 2011 to early 2013 period, it said, adding that the sixth well is expected to be drilled at the end of this month.

PTT Exploration and Production is the project's operator, with a 24.5% stake, while Cnooc and Sonatrach hold 24.5% and 51%, respectively. The Hassi Bir Rekaiz project, covering an area of 5,378 sq km, is located onshore in the eastern part of Algeria.

Dow Jones Newswires

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