DNO International ASA (DNO or the Company) is today reporting an update on
activities in the Republic of Yemen.
The Yaalen-3 in Block 47, Yemen has been drilled to a total depth 1.898 meters.
Based on evaluations of wire line logs and pressure data, the well has
encountered two oil bearing intervals in the Qishn sandstones, of a total
combined net thickness of around 20 meters ("net pay"). The forward plan is to
undertake two tests in the well, one in each of the oil bearing intervals.
Drilling of the Yaalen-3 appraisal well in Block 47 commenced on 24 March, and
is part of the work program in preparation for a possible development of the
Yaalen & Sharnah oil discoveries in the block. As previously reported the
combined gross resource potential of these two oil discoveries is 10 million
barrels. The resource potential will be re-evaluated based on the final results
from Yaalen-3. A second well on the Sharnah discovery is planned to be drilled
towards the end of the second quarter.
With the encouraging results observed in Yaalen-3, it is likely that a
development plan will be prepared and filed with the Yemen authorities later
this year. DNO holds a 40 % interest in block 47.
Drilling of the Bayoot-8 basement development well in Block 53 commenced on 26
February. The well has been drilled to a total depth of 3.974 meter, where
around 670 meters was drilled as a sub horizontal open hole section in the
fractured Basement. Presence of oil was observed while drilling within the
basement interval as predicted. The Bayoot-8 well has been brought on stream and
is currently cleaning up. The development of the Bayoot field was completed in
2009 and the production has been steadily increasing. Before the tie-in of
Bayoot-8 the gross production from the Bayoot field is close to 6,000 bopd. The
plan is to drill 3 additional development wells on the Bayoot field this year.
DNO International ASA
30 April, 2010
Contact:
Media:
Helge Eide, MD DNO International ASA Telephone:Â Â Â +47 23 23 84 80
Ketil Jørgensen, Crux Communication Telephone +47 930 36 866
(Norway)
Mark Edwards, Buchanan Communications (UK) Telephone: +44 207 466 5000
Investor Relations:
Haakon Sandborg, CFO DNO International ASA Telephone: +47 23 23 84 80
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
[HUG#1410358]
*A Private Investor is a recipient of the information who meets all of the conditions set out below, the recipient:
Obtains access to the information in a personal capacity;
Is not required to be regulated or supervised by a body concerned with the regulation or supervision of investment or financial services;
Is not currently registered or qualified as a professional securities trader or investment adviser with any national or state exchange, regulatory authority, professional association or recognised professional body;
Does not currently act in any capacity as an investment adviser, whether or not they have at some time been qualified to do so;
Uses the information solely in relation to the management of their personal funds and not as a trader to the public or for the investment of corporate funds;
Does not distribute, republish or otherwise provide any information or derived works to any third party in any manner or use or process information or derived works for any commercial purposes.
Please note, this site uses cookies. Some of the cookies are essential for parts of the site to operate and have already been set. You may delete and block all cookies from this site, but if you do, parts of the site may not work. To find out more about the cookies used on Investegate and how you can manage them, see our Privacy and Cookie Policy
To continue using Investegate, please confirm that you are a private investor as well as agreeing to our Privacy and Cookie Policy & Terms.