Sirte Oil Co. Strikes Oil in Ghadames Basin

Libyan National Oil Company (NOC) announced that its wholly owned subsidiary Sirte Oil Company discovered oil in Libya's Ghadames Basin.

Oil was discovered in the Tannezuft Sands at a depth of 10,662 feet.

Oil flows at a rate of 1,725 b/d and gas at a rate of 0.25 MMscf/d. API is 42.1 degrees.

The Wildcat well A1-NC216A is located on Block NC216A, 310 kilometers southwest of Tripoli.

This is the first discovery and the first well drilled by Sirte on this block and the second discovery in as many months for NOC in the region.

Previously announced on Sept. 29, 2008, NOC with operator Verenex made another oil discovery at wildcat well C1-47/04, also in the Ghadames Basin.

Sirte is one of NOC's largest operating subsidiaries, headquartered in Marsa El Brega, Libya.

The company focuses on exploration, production, manufacturing and transmission of oil and gas; extraction and processing of LPG and Naphtha; and the liquefaction of natural gas, among other efforts.

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