North Sinai (January 2020)

The 2nd phase of the project, namely Kamose, was successfully completed by drilling 4 wells from the MOPU platform reaching a daily production rate of 80 MMscfd with a capacity to produce up to 100 MMscfd.

As far as the upcoming phase is concerned, Phase-3 will consist of 8 wells of which the concept of selection and the pre-FEED contract was already awarded following a call for tender with a total estimated cost of 100 Million Dollars for this 3rd phase of the project.

After Nour well discovery, the G&G studies encouraged the company to consider drilling an exploratory deep target well in “Marassi” prospect area with an estimated cost of 95 Million USD in case of success and 85 Million USD in case of dry hole.

G&G studies revealed promising potential of deep and shallow targets that were confirmed by adjacent discoveries.

Owing to a concern for a brighter future, the company initiated negotiations with the Oil Ministry to reobtain the relinquished area of the Offshore North Sinai Concession.

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