NEW OIL/GAS DISCOVERY in LIBYA

Arabian Gulf Oil Company which is a wholly owned by NOC reports that it has drilled the F1-NC4 New Field Wildcat well to a total depth of 10,300 feet. The well is located in Ghadames Basin approximately 150 km Southwest of Tripoli City. The initial production testing from Memouniat, Lower Acacus & Middle Acacua established an oil & gas flow as follows:

Well Name	Formation	Tested Interval (feet)	net pay (feet)	Choke Size (Inch)	Oil Rate bbls/d	Gas rate MMCF/D	Oil Gravity API
F1-NC4	Memouniat	10,000-10,020	20	½	38 Condensate	6.840	62
	Lower Acacus	8,972-8,983	11	½	1,248	0.999	37
		8,298-8,306	8	½	888	0.440	38
		8,111-8,119	8	½	1,050	1.012	39
	Middle Acacus	7,748-7,759	11	½	1,247	1.620	39
		7,701-7,713	12	½	937	3.786	39

Source: NOC website