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Eni Announces an Oil Discovery in the Faghur Basin in Egypt

Source: www.gulfoilandgas.com 5/3/2018, Location: Egypt

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Eni announces an oil discovery on the A-2X exploration prospect located in South West Meleiha license, in the Egyptian Western Desert, some 103 Km North of the oasis of Siwa. The well is the first one drilled by Eni to explore the deep geological sequences of the Faghur Basin.

The exploratory well, named SWM A-2X, has been drilled to a total depth of 5,090 meters and encountered 18 meters of light oil in the Paleozoic sandstones of Dessouky Formation of Carboniferous age. The well has also encountered other hydrocarbon levels in the Alam El Bueib sandstones of Cretaceous Age.

The well has been opened to production in the Dessouky sandstones and delivered 2,300 barrel of oil per day (BOPD) of light oil (32° API) and 0.4 MMSCFD of associated gas.

The discovery on A-2X prospect is the result of a new exploration campaign designed to target the deep geological sequences of the Faghur Basin. Further to the development of this discovery, that will require appraisal activities, Eni plans, in the near term, the drilling of other exploratory prospects located nearby A2-X discovery that, in case of success, may open a new productive area in Egypt.

Based on Competent Authority’s approval, the production is expected to be linked to already existing nearby infrastructures and then shipped to El Hamra Terminal through existing pipelines.

Eni, through its subsidiary IEOC, holds a 100% stake in South West Meleiha license. IEOC through its Operating Company AGIBA, which is equally held by IEOC and the Egyptian General Petroleum Corporation (EGPC), currently produces 55,000 barrels of oil equivalent per day, from the Egyptian Western Desert.

Eni has been present in Egypt since 1954, where it operates through its subsidiary IEOC. The company is the main producer with 260,000 boed of equity. Such production is expected to further grow within the year, thanks to the ramp up of Zohr field.

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