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An appraisal program on the Company's newly discovered Hoshia field in Egypt is in progress. The first appraisal well, Hoshia 2, was drilled to a total depth of 7,100 feet. This well was drilled updip of the Hoshia 1 discovery well and is currently being completed for testing. Preparations are now underway to drill the first development well, Hoshia 3. A rig (ZJ45L) has been mobilized to the new site and is 80% rigged up. The discovery well, Hoshia 1, is on production and currently averaging 700 barrels of oil per day with 0.3% water-cut.
The Ministry of Petroleum has approved the company's development-lease application for the new Fadl discovery. Development-lease approval for West Hoshia and South Rahmi is expected over the next few months.
Gross production is currently averaging approximately 2,656 barrels of oil per day for Egypt, which includes contributions from the Hana and Hoshia fields.The Company has a 70% working interest in the Hana field and a 45% working interest in the Hoshia field.
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