Exploration/Development news briefs, May 26

Repsol-YPF makes Neuquen basin gas discovery; Poland identifies 12 new exploration targets.

Repsol-YPF SA, Madrid, on Thursday said it has made a natural gas discovery in the Neuquen basin in western Argentina, in the area of its 100%-owned Barrosa North field. Drilled to 2,400 m, the well flowed more than 1 MM cu m/day of gas on test, accompanied by liquid hydrocarbons. Repsol-YPF says preliminary estimates indicate reserves could be 3 billion cu m, "with another similar amount to be confirmed by the appraisal work, to be carried out next."

State firm Polish Oil & Gas Co. (POGC) studied the oil and gas potential of a 1.15 million acre area in Southeast Poland covered by EuroGas Inc.'s Usufruct exploration license. This study, which took 2 years to complete, identifies 12 new exploration targets on the acreage, known as the Rymanow-Lesko area, in the vicinity of the oil town of Sanok. The largest of these prospects, at a depth of 2,000 m, may contain oil-in-place of up to 47 million tonnes, or an equivalent in gas, says POGC. EuroGas will acquire new seismic data over this prospect�delineated on three seismic lines�later this year, with a view to drilling an exploration well in 2001. EuroGas is reportedly in discussions with two firms on potential participation in the venture. The Rymanov-Lesko area lies between the prolific Boryslaw oil region of Ukraine and the historic Krosno oil-producing region in Poland. There are more than 25 oil and gas fields in this important portion of the Carpathian Oil thrust belt province; however, much of the Usufruct area is unexplored. The majority of the discovered fields are at shallow depths, with deeper potential defined along trend.

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