Swedish independent Lundin Oil AB spud a new exploratory well on Area NC-177 onshore Libya. The E1-NC177 well is located 21 miles south of the operator's En Naga field. The well will be drilled to a total depth of approximately 8,000 feet.
Lundin Oil subsidiary International Petroleum Libya Ltd. discovered the En Naga field in 1998. The field, which is now under development, has proven and probable reserves of about 100 million barrels of recoverable oil. The E1-NC177 well will be tied-in to En Naga's production facilities if it results in a discovery.
Separately, Lundin Oil spud an exploratory well on an extension of the Bunga Raya field on Block PM3 offshore Malaysia and Vietnam.
The East Bunga Raya 1 well will be drilled to a total depth of approximately 8,000 feet and target both deep oil-bearing reservoirs and shallow gas filled sand channels.
The Bunga Raya field was discovered in 1991. The new well could increase the field's oil and gas reserves substantially. Block PM3's current proven and probable reserves are in excess of 144 million barrels of oil and 1.5 Tcf of gas.
© 2000 Mena Report (www.menareport.com )