Madalena Updates Remada Sud Development Operations

Source: www.gulfoilandgas.com 11/28/2008, Location: Africa

Madalena Ventures Inc. has reported that significant progress was made during the Q3 of this year on its Tunisian asset. During Q3 the company drilled and completed its first international exploration well on the Remada Sud, the TT-2 well. Testing operations conducted during Q3 indicate the discovery appears capable of producing light oil at commercial production rates.

The well has been temporarily suspended pending submission of a development plan to ETAP, the Tunisian National Oil Company, and receipt of the appropriate production approvals. Madalena has earned a 15% working interest in approximately 600,000 acres by the drilling of the TT 2 well. Madalena retains the option to drill a second earning well to earn a 15% working interest in an additional 600,000 acres. Madalena anticipates the TT2 discovery well will be placed on production during Q1, 2009, pending final approvals.

The TT2 well was drilled on a large structure, with an areal extent of approximately 70 square kilometres, which had the Ordovician as the primary formation of interest. The discovery of light oil in this significant structure at relatively shallow depths on the eastern side of the 1.2 million acre block confirms the presence of a mature source rock and effective hydrocarbon migration route increasing the chance of success for several other prospects identified on the block. During 2009 the Company anticipates participating in a new 3D seismic program to further delineate the extent of the TT2 discovery, and the subsequent commencement of development drilling operations following interpretation of the 3D seismic program.


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