Maurel & Prom : Update on Kianika-1 Well in Tanzania

Dec 03, 2010, 12:19 ET from Maurel & Prom

PARIS, December 3, 2010 /PRNewswire-FirstCall/ -- The Kianika-1 well on the Mandawa PSA in Tanzania (Maurel & Prom operator with a 90% working interest) has reached the planned depth of 3,040 m. The targeted carbonates of Mid Jurassic Mtumbei formation have been found and with good reservoir characteristics, which confirms the interest for this play in this region.

No hydrocarbon shows being encountered (possibly due to lack of effective lateral seal), Maurel & Prom has requested authorization to plug and abandon the well.

The Kianika-1 well is the second and last commitment well of the Initial Exploration Phase. Maurel & Prom is further evaluating the well results to determine the way forward with this block.

Maurel & Prom is currently engaged in a farm-out process of the Group's interest in Tanzania.

This document may contain forward-looking statements regarding the financial position, results, business, and industrial strategy of Maurel & Prom. By nature, forward-looking statements contain risks and uncertainties to the extent that they are based on events or circumstances that may or may not happen in the future. These projections are based on assumptions we believe to be reasonable, but which may prove to be incorrect and which depend on a number of risk factors such as, fluctuations in crude oil prices, changes in exchange rates, uncertainties related to the valuation of our oil reserves, actual rates of oil production and the related costs, operational problems, political stability, legislative or regulatory reforms, or even wars, terrorism or sabotage.

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SOURCE Maurel & Prom