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Total Hits Pay In Block CI-514 Off Ivory Coast

|Includes:TOTAL S.A. (TOT)

Total announced that it has discovered liquid hydrocarbons at exploration well Saphir-1XB located in Block CI-514 off Ivory Coast. Lying in 2,300m of water, Saphir-1XB is the first well in Block CI-514. It was drilled to a total depth of 4,655m, encountering around 40m of net pay containing light 34° API oil.

Data acquired during drilling is being analyzed and will be used to determine the area's potential and design the delineation program. Total plans to drill two wells in Blocks CI-515 and CI-516 by end-2014.

Total Senior VP (Exploration) Marc Blaizot said, "Drilled in an abrupt margin play, this first well is the first discovery in the San Pedro Basin, a frontier exploration area in Ivory Coast. Having confirmed the presence of a petroleum system containing light oil, we will next evaluate this very promising find and focus on its extension to the north and east."

Block CI-514 ownership: Total (54%, operator), CNR International (36%) and PETROCI Holding (10%).

In Feb-2014, Ithaca Energy reported that the Total-operated exploration well 25/5-9, targeting the Trell prospect in the Norwegian North Sea, discovered 19m of net oil pay.

In Nov-2013, Total reported that the development of the Norvarg gas field in the Norwegian Arctic was not commercially viable partly due to a disappointing resource estimate.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Stocks: TOT