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PTTEP announced the drilling result of an exploration well, SAER Offshore – 1X in the eastern part of Sidi Abd El Rahman Offshore Block, Egypt. Spudded on March 29, 2009, the well was drilled to a total depth of 4,059 meters on June 29, 2009 and encountered some petroleum show, but non-commercially. The well will be written off within the accounting period of the second quarter 2009, with an approximate total cost of 340 Million Baht.
Sidi Abd El Rahman Offshore Block still has petroleum potential in the western part where PTTEP has acquired 3D seismic and identified more prospects. PTTEP will conduct an additional study and evaluate the petroleum potential for further exploration in the block.
PTTEP Sidi Abd El Rahman Company Limited, a subsidiary of PTT Exploration and Production Public Company Limited (PTTEP), holds 30% participation interest in Sidi Abd El Rahman Offshore Block in Egypt. The other joint venture partners consist of Edison (Operator) and Sipetrol with 40% and 30% participation interests respectively.
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