IPR Scores Offshore Discovery in the Gulf of Suez, Egypt

Texas Independent, IPR, announced the discovery of its first drilled well (SWGEZ-5) in its Southwest Gebel El Zeit concession, located offshore Gulf of Suez, Egypt.  The block is operated by IPR and was acquired from Devon Energy International in 2007.  IPR constructed a modern three-slot platform, 9.5 km 8-1/2 in. pipeline from platform to shore and state-of-the art surface facilities to receive future deliveries.

SWGEZ-5 was drilled by ADES’s jack-up rig (ADM-IV) under the supervision of IPR’s operational teams and its 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 and gas at rates of 3,611 BOPD, 2.9 MMcfg/D, and 0.2% BS&W, with an API gravity of 33°.

IPR's Chief Operating Officer, 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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