Beach advised that further detail is now able to be provided regarding the recent announcement to the ASX regarding hydrocarbon discoveries in the Western Desert in Egypt. Recent test results from both its GPZZ-4 and Al Ahmadi-1 wells indicate both gas and condensate flows.
GPZZ-4 was drilled as the first well of a six-well program in the Abu Sennan concession. During initial testing, gas and condensate flows were recorded from the lower Bahariya Formation. These tests recorded gross flow rates of approximately 850 barrels (bbls) of condensate and seven million standard cubic feet (MMscf) of gas per day. This equates to a gross equivalent flow rate of approximately 2,000 barrels of oil equivalent (boe) per day. GPZZ-4 also recorded flows from the Abu Roash "G" Member and the upper Bahariya Formation with initial rates of approximately 150 bbls of condensate and 1.6 MMscf of gas per day.
The second well, Al Ahmadi-1, also recorded gas and condensate flows within the Abu Roash "G" Member. Initial tests recorded gross flow rates of approximately 800 bbls of condensate and 13.5 MMscf of gas per day. This equates to a gross equivalent flow rate of approximately 2,900 boe per day. Al Ahmadi-1 also recorded flows from the lower Bahariya Formation with initial rates of approximately 70 bbls of condensate and one MMscf of gas per day.
It is expected that these discoveries will be tied in to nearby infrastructure, located within 10 kilometers of the discoveries.
Both rigs are now being mobilized to drill the next exploration targets, Al Jahraa and El Samiya, which will focus on multiple Cretaceous horizons. Spudding of these wells is expected over the coming weeks.
The Joint Venture equity interests in Abu Sennan are:
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