financial review, page-6

OSL hits oil, gas in Yemen

By BRIAN GOMEZ
OIL Search Ltd has encountered oil and gas shows at its Al Nokhailat-1 wildcat well at the northern end of block 49 in Yemen.
It said the well had reached a depth of 1,716m and was drilling ahead in an 8.5in hole to an anticipated total depth of 2,021m.
An intermediate wireline logging programme was completed and 9in and 5/8in casing run and cemented in place.
Oil Search advised the Australian Stock Exchange: “While drilling the 8.5in section, oil shows were recorded between 1,662m and 1,668m and gas shows were recorded between 1,665m and 1,682m.
“The significance of these shows will be evaluated during the total depth electric wireline logging programme.”
It said the primary objective of the well was the Qishn Clastics and fractured basement, with secondary objectives in the Lam and Kuhlan sandstone.
Al Nokhailat is the first of a two well programme in this Yemen block in which Oil Search has a 31.75% interest.
Meanwhile, drilling was also progressing on the Ghard-1 well in Egypt’s East Ras Qattara concession in the Western Desert, 12km north east of the recent Shard-1 discovery well.
Industry sources said Shard was understood to contain about 20 million barrels of oil and that mean recoverable reserves at Ghard-1 could be of the same or