Canadian Natural Resources Limited Announces Discovered Presence of Light Oil/Hydrocarbons Offshore Cote d'Ivoire
April 17 2014 - 1:30AM
Marketwired
Canadian Natural Resources Limited Announces Discovered Presence of
Light Oil/Hydrocarbons Offshore Cote d'Ivoire
CALGARY, ALBERTA--(Marketwired - Apr 17, 2014) - Canadian
Natural Resources Limited (TSX:CNQ) (NYSE:CNQ) ("Canadian Natural"
or the "Company") is pleased to announce that the Saphir-1XB well
has encountered an accumulation of light oil in the deepwater
frontier exploration play in Block CI-514 offshore Cote
d'Ivoire.
The well was drilled by a semi-submersible rig in a water depth
of 2,300 meters and reached a total depth of 4,655 meters. The well
encountered a series of thick sands of approximately 350 meters,
containing a hydrocarbon column of approximately 40 meters of light
oil with 34 degree API gravity.
The well was plugged and the data gathered will now be evaluated
to determine the extent of the accumulation and the forward plan
for appraisal.
Vice President of Exploration for Canadian Natural's
International division, David Bell, said "Saphir-1XB is an
important discovery in a frontier part of deepwater offshore Cote
d'Ivoire and has demonstrated a working petroleum system."
Block CI-514 is operated by Total Exploration and Production,
with a 54% working interest, along with CNR International at 36%
and PETROCI at 10%.
Canadian Natural, through its subsidiary, CNR International, is
currently the major producer of hydrocarbons in Cote d'Ivoire, with
operated assets at the Espoir Field and deepwater Baobab Field.
Canadian Natural is embarking on a 10 well development drilling
program of the Espoir Field, targeted to commence in the second
half of 2014 and a 6 well phase of development at the Baobab Field,
targeted to commence in late 2014 or early 2015.
Canadian Natural is a senior oil and natural gas production
company, with continuing operations in its core areas located in
Western Canada, the U.K. portion of the North Sea and Offshore
Africa.
Certain information regarding the Company contained herein may
constitute forward-looking statements under applicable securities
laws. Such statements, including the statements regarding the
targeted commencement dates of the development drilling programs at
the Espoir and Baobab Fields and the number of development wells to
be drilled, are subject to known or unknown risks and uncertainties
that may cause actual results to differ materially from those
anticipated or implied in the forward-looking statements. Refer to
our website for complete forward-looking statements
www.cnrl.com
Steve W. LautPresidentCorey B. BieberChief Financial Officer
& Senior Vice-President, FinanceDouglas A. ProllExecutive
Vice-PresidentCanadian Natural Resources Limited2500, 855 - 2nd
Street S.W.Calgary, Alberta, T2P 4J8(403) 514-7777(403)
514-7888ir@cnrl.comwww.cnrl.com
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