BP Confirms Egyptian Gas Discovery

BP Egypt confirms that it has drilled a successful well, Giza North-1, in the North Alexandria concession held by BP, RWE Dea and EGPC/EGAS. The well encountered a significant gas accumulation as part of a large channel complex.

It is estimated that the Giza complex contains more than 1 trillion cubic feet of gas and another well is planned to be drilled to further appraise the complex in April 2007.

The rig will shortly move onto the next appraisal well in the Taurus field as part of a planned four well appraisal program in the North Alexandria concession.

Hesham Mekawi, President and General Manager of BP Egypt stated: "This successful result further demonstrates BP's commitment to continued investment in exploration, appraisal and development activities in the Nile Delta and its co-operation with the Ministry of Petroleum to provide new gas discoveries and incremental supply to meet future growth of the gas business in Egypt."

The North Alexandria concession is in the Mediterranean, offshore the city of Alexandria. The Giza North-1 well was drilled in 668 meters of water, some 56 kilometers offshore.

BP Egypt has already made a number of discoveries since 2000 in this concession. Giza North - 1 was drilled in the pliocene formation where BP Egypt has made three previous discoveries: Taurus, Libra, and Fayoum. The company has also made the Raven discovery in the deeper pre-pliocene formation.

BP operates and holds 60 per cent of the North Alexandria concession with RWE Dea holding the remaining 40 per cent contractual interest in the block. EGPC/ EGAS has an entitlement under the concession's production sharing arrangements.

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