Oil Find Declared Commercial, Shares Fall

Hasira-1 Well - Garmian Block

The Hasira-1 well has two objectives, an appraisal of the Sarqala-1 discovery in the Jeribe reservoir and the exploration of the deeper Oligocene reservoir. The well is targeting gross prospective resources of 25 to 50 MMBOE in the Jeribe and 25 to 50 MMBOE in the Oligocene. Wireline log interpretations and an open-hole test in the Jeribe reservoir has confirmed the presence of oil and similar reservoir properties as observed in Sarqala-1. The open-hole test flowed oil to surface. However, due to mechanical issues, the test was prematurely suspended before the well had cleaned up. The mechanical issues have been resolved, casing has been set across the Jeribe interval, and the well is now preparing to drill ahead to the deeper Oligocene reservoir. Upon reaching total depth, a testing program will be determined for the Oligocene reservoir. Additional testing in the Jeribe may be conducted subject to the Oligocene test results.