| 26 Oct 2008 |
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OMV with continuing exploration success in Tunisia
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Successful exploration well Sourour-1 in the Jenein Sud exploration permit
Promising cumulative flow rate of the tested formations amounts to 1,200 bbl/d of condensate and 58 mn cf/d (9,700 boe/d) of gas
3D seismic acquisition ongoing and plans for drilling of further wells
Helmut Langanger, OMV Executive Board member responsible for Exploration and Production stated: "This promising series of discoveries in our Jenein Sud exploration block supports our efforts to grow in Tunisia, an important country in our North African core region."
The cumulative flow rate of all layers tested by the Sourour-1 well amounts to 1,200 bbl/d of condensate and 58 mn cf/d (9,700 boe/d) of gas. Drilling of the next well in the block, the Ahlem-2 appraisal well, is expected to commence in January 2009. Acquisition of 600 km2 of additional 3D seismic was started in mid-July and will be completed by the end of the year. OMV and the Tunisian national oil company ETAPETAP
each hold a 50% interest in the Jenein Sud exploration permit, which covers an area of 1,992 km², 700 km south of the Tunisian capital Tunis.
Balanced international E&P portfolio
OMV holds a balanced international E&P portfolio in 20 countries structured around six core regions, namely CEE, North Africa, Northwestern Europe, the Middle East, Australia/New Zealand and Russia/Caspian region. OMV's daily production volume is approximately 316,000 boe/d and the Company's reserves at the end of 2007 were approximately 1.22 bn boe.
Condensate is a premium hydrocarbon liquid which is dissolved in saturated natural gas in the reservoir. Condensate is liquefied when the pressure and temperature reach the dew point during production.
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OMV in Tunisia
OMV first became active in Tunisia in the early 1970s. The acquisition of the international E&P activities of Preussag in 2003 gave OMV access to seven producing oil fields in the southeast of the country. The most prolific of these is the Ashtart field. OMV currently has interests in two exploration and five production licenses in Tunisia. Its current production in Tunisia amounts to approximately 9,000 boe/d. OMV operates the Jenein Sud exploration block which is situated in the Tunisian extension of the Ghadames basin. In April 2008, OMV acquired an 80% operated share in the Sidi Mansour exploration area.
With Group sales of EUR 20.04 bn and a workforce of 33,665 employees in 2007, as well as market capitalization of approx. EUR 7 bn, OMV Aktiengesellschaft is Austria's largest listed industrial company. As the leading oil and gas group in Central Europe, OMV is active in Refining and Marketing (R&M) in 13 countries. In Exploration and Production (E&P) OMV is active in 20 countries on five continents. OMV sells more than 13 bcm gas a year. OMV's Austrian gas hub Baumgarten annually transports approximately 64 bcm of gas. OMV's Central European Gas Hub is amongst the three largest hubs in Europe.
OMV is the largest oil and gas group in Central Europe, with oil and gas reserves of approx. 1.22 bn boe, daily production of around 316,000 boe and an annual refining capacity of 26.4 mn t. OMV now has 2,527 filling stations in 13 countries. The market share of the Group in the R&M business segment in the Danube Region is now 20%.
OMV further strengthened its leading position in the European growth belt through the acquisition of 41.58% of Petrol Ofisi, Turkey's leading company in the retail and commercial business.
In June 2006, OMV has established the OMV Future Energy Fund, a wholly owned subsidiary to support projects in renewable energy with more than EUR 100 mn to initiate the change from a pure oil and gas group to an energy group with renewable energy in its portfolio.
OMV: Corporate Social Responsibility (CSR)
OMV is a member of the U.N. Global Compact and actively committed to the values enshrined in its Code of Conduct. These include a strong sense of responsibility towards the social and natural environment in economically weak regions. OMV works hard to address economic, environmental and social issues related to its operations. Its CSR activities are fully documented in biannual performance reports compiled according to Global Reporting Initiative guidelines. The "Global 100 Ranking" presented at this year's World Economic Forum in Davos ranks OMV as one of the six most sustainable energy companies worldwide.
For further information, please contact:
OMV
Press:
Bettina Gneisz
Tel.: 0043 1 40 440 21660
E-Mail: bettina.gneisz@omv.com
Thomas Huemer
Tel.: 0043 1 40 440 21661
E-Mail: thomas.huemer@omv.com
Michaela Huber
Tel.: 0043 1 40 440 21661
Email: michaela.huber@omv.com
Investors/Analysts:
Ana-Barbara Kun?i?
Tel.: 0043 1 40 440 21600
E-Mail: investor.relations@omv.com
Internet: http://www.omv.com
Financial Dynamics (London)
Charles Armitstead
Tel: + 44 207 269 7275
Email: charles.armitstead@fd.com
Edward Bridges
Tel: +44 207 269 7147
Email: edward.bridges@fd.com
© Press Release 2008
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