GDF SUEZ Says Absheron Well Shows Promising Results (Azerbaijan)

GDF SUEZ announced extremely promising results on the exploration well ABX-2.T1 drilled by Total (operator) on Absheron licence, offshore Caspian Sea in Azerbaijan.

The preliminary data, acquired during drilling of the second exploration well on Absheron Structure, are showing encouraging potential of reserves. The first well was drilled in 2001. Drilling will continue in the deeper section before a production test is performed in November to confirm these results.

The ABX-2.T1 exploration well is located 123 km off Azerbaijani shore, in the Absheron block. Spud date was January, 14^th 2011. It is being drilled in 474 meters MD of water. The well crossed several reservoir units, reaching a depth of 6,568 meters MD.

GDF SUEZ entered with a 20% stake in the Exploration, Development and Production Sharing Agreement for the Absheron offshore in June 2009 alongside Total and the State Oil Company of the Republic of Azerbaijan (SOCAR), which each holds a 40% stake.

Jean-Marie Dauger, Executive Vice President of GDF SUEZ, in charge of the Global Gas & LNG Business Line, comments: “These results confirm a very significant exploration potential of the Absheron licence where we are pleased to work with SOCAR and Total. Azerbaijan is one of the major hydrocarbons producers in the Caspian area. As a leading energy company in Europe, GDF SUEZ’ interests for the project may be key to the development of this region.”

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Source: GDF SUEZ, September 14, 2011;