PTTEP in new Algeria oil strike

Drinking deep: PTTEP in Algeria

Thailand’s state-run PTTEP has made a fresh oil discovery with the latest exploration well on its Hassi Bir Rekaiz permit in eastern Algeria.

The Mouia Aissa-1 probe, drilled to a depth of 3844 metres, flowed at around 5243 barrels per day of oil and 5 million cubic feet per day of gas on testing of the Triassic reservoir, the company said in a statement.

It was the highest flow rate yet recorded and the fifth discovery out of six wells drilled to date on the permit, operated by PTTEP with a 24.5% stake with state-owned Sonatrach on 51% and remaining partner CNOOC Ltd on 24.5%.

The partners are looking to drill a total of nine exploration wells by early 2013 and are now in the process of flow testing the seventh hole.

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