Offshore staff

DOHA, Qatar-- ONGC Videsh Ltd. and partner IPR Red Sea Inc. have discovered a new oilfield with well North Ramadan-1A in the North Ramadan Concession in the Gulf of Suez offshore Egypt.

The North Ramadan concession is 290 sq km (112 sq mi) in size. The minimum work commitment in the three-year exploration phase includes drilling three exploratory wells, acquiring 50 sq km (19 sq mi) of 3D data, and reprocessing of existing data.

ONGC Videsh holds 70% interest in the concession, with IPR Red Sea holding the remaining 30%.

North Ramadan-1A was drilled to TD of 10,050 ft (3,063 m) in the Lower Miocene Mheiherrat formation, perforating 133 ft (41 m) over a gross interval of 174 ft (53 m) of interbedded sandstones, shales, and limestones in the Asl formation. Tests were conducted over three days, and the well was tested at a naturally flowing rate of 2,979 b/d of oil and 1.5 MMcf/d of gas with no water.

The budget for the first phase work program of activities is approximately $45 Million.

4/9/2007