UPDATE: PNG's Oil Search Strikes Gas In Yemen
05 November 2009 - 5:13PM
Dow Jones News
Oil Search Ltd. (OSH.AU) said Thursday that a well in Yemen
located in a block it operates and in which it has a 60% stake has
struck hydrocarbons, marking the company's first operated discovery
outside Papua New Guinea.
Oil Search said the Tubb'a-1 well in Block 3, Yemen produced gas
and condensate at daily rates of up to 9 million cubic feet and 450
barrels on a half-inch choke.
"Further work is underway to define the producing intervals and
any fluid contacts," Oil Search said in a statement.
Other partners in the block are Turkey's Petoil and Yemen
General Corp. for Oil and Gas, with stakes of 34% and 6%,
respectively.
BBY energy analyst Scott Ashton described the find as "good
news" with the initial production results "not too shabby at
all".
He said the discovery could have a small positive effect on
Australian Worldwide Exploration Ltd.'s (AWE.AU) acreage at Block 7
to the North, which contains several untested structures. AWE has a
19.25% interest in Block 7 and Oil Search is operator with a 34%
stake.
-By Ross Kelly, Dow Jones Newswires; 61-2-8235-2957;
ross.kelly@dowjones.com
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