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OMV discovers new oil well

Austria's OMV Aktiengesellschaft, Central Europe's leading oil and gas group, has announced on Wednesday a discovery and successful testing of oil and gas in its Nawara 1 exploration well in the Jenein Sud Exploration Permit in Southern Tunisia. OMV AG, central Europe's biggest oil company, said it discovered a second oil well in Tunisia that may produce about 5,970 barrels a day according to initial tests. "I am delighted with this second consecutive discovery in our Jenein Sud Exploration Block which is one of our core regions. It confirms the potential of this block and reinforces our plans for further growth in Tunisia," said Helmut Langanger, OMV Executive Board member responsible for Exploration and Production. The discovery may raise OMV's Tunisian production to around 14,970 barrels of oil a day, the company said today in an e-mail. This is the second discovery in the Permit within a year and shows the high potential of this block, which is operated by OMV (Tunesien) Exploration GmbH, a 100% subsidiary of OMV. Vienna-based OMV said March 29, it discovered a well producing 1,500 barrels of oil a day in Tunisia's Jenein Sud concession. The exploration well reached a total depth of 3,970 meter on June 4, 2006 and encountered a total of 25-meter net oil and gas/condensate pay in several layers at depths of 3,600 to 3,900 meter. Further appraisal developments of the area include the acquisition of 3D seismic and drilling of additional wells. This well is also located in the Jenein Sud field. The discovery may also yield up to 58 million standard cubic feet of natural gas per day, the company said. OMV said it found the oil and gas about 700 kilometers (434 miles) south of the capital of Tunis. (Portfolio.hu, Bloomberg)