Indonesia's PT Medco Energi Internasional Tbk, through its subsidiaries PT Medco E&P Indonesia (Medco E&P) and Medco International Venture Limited (MIVL), reported on Monday that it has successfully explored and discovered additional oil and gas at the O2 well in Area 47, Libya.
The O2 well was spudded on 23rd May and drilled to a total depth of 10,780 feet. Initial tests demonstrated the well flowing at 3,300 barrels of oil per day and 140,000 standard cubic feet per day of gas through a 48/64 inch choke in the Top Lower Akakus formation.
In a press release, the company said:
"The O2 well location that lie outside reservoir closing contour proved the existence of stratigraphic element that may have connection to multiple structures in the area. The discovery of O2 well and P2 well in last July 2014 again proved the prolific hydrocarbon area of Ghadames Basin in Area 47, where large oil and gas reserves was discovered with a 90 percent exploration success rate (18 out 20 exploration wells discovered oil and gas).
"Furthermore, on Sept. 17 the Government of Libya declared the commerciality of B, C and J structures in Area 47. MedcoEnergi, with its partners National Oil Corporation (NOC) Libya and Libyan Investment Authority (LIA), will commence this development together with the A, D and F structures, previously declared commercial in 2011. Combined, the total estimated oil and gas recoverable reserves is 250 million barrels of oil equivalent (MMboe)."
Lukman Mahfoedz (pictured), president director and CEO MedcoEnergi, stated:
“These successes prove our Company’s strong capability in exploration with more and more discoveries of new oil and gas resources in Indonesia as well as overseas. This achievement will contribute to MedcoEnergi’s growth by adding oil and gas reserves and increasing the Company’s reserve life index.”