New Oil Discovery in Sirte Basin

The Arabian Gulf Oil Company (AGOCO), fully owned by the National Oil Corporation (NOC), has drilled the FF2-47 well to a total depth of 7270 feet and tested oil from the Lidam Formation.

The well is located in Sirte Basin approximately 80 km south west of Marada Town.

The initial production test flow rates from the Lidam Formation are as follows:

ScreenHunter_488 Apr. 15 01.33

Note: The FF1-47 exploration well was drilled in 1971 and the results were not encouraging where only 65 bbls of oil were recovered and hence it was not considered as a discovery at the time.

(Source: National Oil Corporation)

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