Canada's Vanguard Oil Corporation has announced further oil finds after drilling the Tanan-1 well to a depth of 8750 feet.
The well is located on the West Esh El Mallaha Concession (WEEM), onshoreGulf of Suez, Egypt, 4.7 km northwest of Vanguard's Rabeh field and 2.5 kmnorth of and on trend with the recent Tawoos-1 discovery. Currently, the drilling logs are being evaluated.
The Oil Company said good shows of light oil (similar quality to Tawoos and Rabeh crude) were encountered while drilling in the Matulla and Duwi formations. Additional oil shows were encountered upstream in the Rudeis formation and are being evaluated as to their structural and stratigraphic significance.
Vanguard plans to immediately complete the well after casing and put the
well on production in a manner similar to the Tawoos-1 discovery, the
statement added. Initial production rates will be announced at that time.
The Tanan-1 well results extend the indicated productive trend established
by the Tawoos-1 discovery 2.5 kilometers to the south and the oil tested at
the Wadi el Sahl North-1 well 5 kilometers to the south.
The extent of the discovery remains uncertain as the well results are still being examined along with 3-D seismic studies. Reserve estimates will not be
meaningful until the integration process is complete and additional
appraisal wells are drilled and assessed.
Appraisal drilling is planned for later this year after completion of the technical evaluation of the two discovery wells and the seismic reinterpretation.
Upon the completion of the Tanan-1 well Vanguard believes that it will have completed the requirements under the Farmout Agreement with its partner to earn an additional 31 percent interest bringing its total working interest to 81 percent in this area. –(Albawaba-MEBG)
© 2000 Mena Report (www.menareport.com )