Oil Search Strikes More Gas In Yemen Well

Oil Search Ltd. (OSH.AU) said Thursday that an exploration well it is drilling in Yemen has found more "high levels of gas" as drilling continues towards the well's planned depth.

Oil Search said that in the week to March 10, the drill had progressed another 184 meters to a depth 3,574 meters, over which "high levels of gas were observed in this section".

Last week, Oil Search said high levels of gas were also found across a 133 meter section to 3,390 meters.

"The forward plan is to drill to approximately 3,650 meters and then commence a logging and testing program," Oil Search said.

With a 34% stake, Oil Search operates the well. Australia's AWE Ltd. (AWE.AU) has a 21.25% interest.

Oil Search said in November that the Tubb'a-1 well in Yemen, of which it holds 60%, produced gas and condensate at rates of up to 9 million cubic feet and 450 barrels a day.

-By Ross Kelly, Dow Jones Newswires; 61-2-8272-4692; ross.kelly@dowjones.com

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