PR Knocks out Gulf of Suez Discovery

US independent oil and gas company IPR hit hydrocarbons while drilling on the Southwest Gebel El Zeit concession in Egypt’s Gulf of Suez. The well, the SWGEZ-5, was drilled using the ADES’s jack up rig ADM-IV under the supervision of IPR’s operational teams and the JV operating company PetroHurghada.

The well took a total of 43 days to drill, test, and complete to a total depth of 8,020 ft in the basement of the Pre?Cambrian age. The well encountered a total of 107 ft of net hydrocarbon pay in Late Cretaceous age Nubia and Matulla formations, as targeted prolific producers in the Gulf of Suez. SWGEZ-5 tested naturally flowing oil at rates of 3,611 bpd and 2.9 Mmcf/d, of oil and gas respectively.

The company has constructed a modern three-slot platform, a 9.5 km 8-1/2 inch pipeline from platform to shore, and state-of-the art surface facilities to receive future deliveries.

IPR’s COO, Sam Dabbous, stated: “We are very pleased with the results of this new discovery and the great efforts of our technical teams. We look to replicate this successful effort in our ambitious expansion plans in 2014 to exceed internal expectations and contribute to the fulfillment of the country’s mandate to increase production.”

As part of this aggressive investment plan, IPR remains on pace to invest in 57 wells to increase production and add new reserves in 2014 between its Western Desert and Gulf of Suez assets portfolio, having now drilled 11 wells in both hydrocarbon producing provinces.

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