El Rawda-1 was drilled on a separate structural trend located approximately 9 km and 13 km east of the consortiumís recent discoveries Ferdaus-1 and Ganna-1, respectively. The well was drilled to a total depth of 10,500 ft (-9,814') in the Bahariya formation. Oil and gas shows were encountered while drilling in three different sandstone reservoirs (AR/G middle, AR/G lower and Bahariya). Two cores were cut in the AR/G lower & Upper Bahariya reservoirs, indicating hydrocarbon bearing sandstones in both horizons, later confirmed by electric logs and petrophysical interpretation.
A DST and successful hydraulic frac job were conducted in the AR/G lower sandstone revealing commercial quantities of 38 degree API oil. IPR and its partners, Sipetrol (Chilean) and INA Naftaplin (Croatian), were granted a development lease by the Government of Egyptís petroleum authority (EGPC), in which an aggressive exploitation plan consisting of 3D seismic, infill drilling, and re-completions, was approved to accelerate early production forecasted to commence in the third quarter of 2004.
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