IPR Strikes Major Gas Discovery in Egyptian Desert
IPR
Monday Dec 30, 2013  
URL: http://www.rigzone.com/news/oil_gas/a/130865/ipr_strikes_major_gas_discovery_in_egyptian_desert/

Texas independent oil & gas explorer IPR announced the discovery of a significant gas condensate field in its Alamein Concession located in the Western Desert of Egypt. 

IPR, operator of the Concession, pursued a new play concept for several years targeting the untapped Alam El-Bueib (AEB) formation in the Yidma-11X well.  The discovery well, located 80 miles (130 km) southwest of the city of Alexandria, encountered both gas and condensate at a depth of 12,000 ft.  The well tested 14.3 million cubic ft/day of gas and 1,000 bbls/day of condensate of 53 deg API gravity with no water produced.  This primary target of the AEB was discovered by IPR after subsurface imaging of high quality 3D seismic revealed bright spots in this region of the Alamein Ridge. 

While no gas has been found in this formation in this region of the Western Desert, it appears that commercial quantities of very rich gas exist.  IPR and its technical experts are remapping what could prove to be a much larger structure of gas and condensate.

Dr. Mahmoud K. Dabbous, chairman of the IPR Group, stated “finding high quality onshore gas in the Western Desert was very rewarding, especially knowing the country of Egypt’s critical need for energy – particularly for natural gas for power generation and gas condensates for domestic consumption – is a top priority at the present time.  Our technical team of E&P experts will continue to aggressively develop this discovery for the benefit of the country with the IPR Group’s longstanding history as a technology leader and an active investor in the Energy Sector, in addition to monetizing the upside for the shareholders.” 

IPR plans to invest in 57 wells in Egypt in 2014 as a part of its aggressive growth plan in the MENA region.

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