Drilling Imminent in Egypt

Source: www.gulfoilandgas.com 12/16/2010, Location: Africa

Assignment documentation for both the Abu Sennan concession (Beach 22%) and Mesaha Graben concession (Beach 15%) is with the regulatory authorities and the Minister for signing. All pre-emptive rights in relation to both concessions have either expired or been waived.

Numerous prospects with multiple target horizons have been identified on 3D seismic which covers the Abu Sennan concession. A drilling rig has been mobilised to the concession and is currently rigging up to commence the planned four well drilling program. The first well will be an appraisal well on the GPZZ Oilfield and will be deepened to target oil exploration potential in the Jurassic. Drilling is expected to commence mid to late December 2010.

The Mesaha Graben concession is one of the largest concession areas in Egypt at 57,000km2 and has the potential to host large oil fields in excess of 100 million barrels of oil. Analysis of recently acquired 2D seismic data was encouraging and, as a result, infill 2D seismic will be acquired in the first half of 2011 to identify potential drilling targets for 2012.


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