OMV with continuing exploration success in Tunisia

Oct 26, 2008 02:00 AM

OMV Aktiengesellschaft, the leading oil and gas group in Central Europe, announces the discovery and successful testing of condensate and gas in its Sourour-1 exploration well in the Jenein Sud exploration permit in Southern Tunisia.
This is the fourth successful discovery in the permit within the last two years and highlights the potential of this block, which is operated by OMV (Tunesien) Exploration.

The exploration well reached a total depth of 4,013 m and encountered a total of 20 m net gas and condensate pay in several layers at depths ranging from 3,700 m to 3,950 m. Further exploration and appraisal activities in the area are the currently ongoing 3D seismic survey and the planned drilling of additional wells.
Helmut Langanger, OMV Executive Board member responsible for Exploration and Production stated: "This promising series of discoveries in our Jenein Sud exploration block supports our efforts to grow in Tunisia, an important country in our North African core region."

The cumulative flow rate of all layers tested by the Sourour-1 well amounts to 1,200 bpd of condensate and 58 mm cfpd (9,700 boepd) of gas. Drilling of the next well in the block, the Ahlem-2 appraisal well, is expected to commence in January 2009.
Acquisition of 600 sq km of additional 3D seismic was started in mid-July and will be completed by the end of the year. OMV and the Tunisian national oil company ETAPETAP each hold a 50 % interest in the Jenein Sud exploration permit, which covers an area of 1,992 sq km, 700 km south of the Tunisian capital Tunis.

Balanced international E&P portfolio
OMV holds a balanced international E&P portfolio in 20 countries structured around six core regions, namely CEE, North Africa, North-western Europe, the Middle East, Australia/New Zealand and Russia/Caspian region. OMV's daily production volume is approximately 316,000 boepd and the company's reserves at the end of 2007 were approximately 1.22 bn boe.
Condensate is a premium hydrocarbon liquid which is dissolved in saturated natural gas in the reservoir. Condensate is liquefied when the pressure and temperature reach the dew point during production.

OMV in Tunisia
OMV first became active in Tunisia in the early 1970s. The acquisition of the international E&P activities of Preussag in 2003 gave OMV access to seven producing oil fields in the southeast of the country. The most prolific of these is the Ashtart field.
OMV currently has interests in two exploration and five production licenses in Tunisia. Its current production in Tunisia amounts to approximately 9,000 boepd. OMV operates the Jenein Sud exploration block which is situated in the Tunisian extension of the Ghadames basin. In April 2008, OMV acquired an 80 % operated share in the Sidi Mansour exploration area.

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