The independent report verifies the two oil zones detected in carbonate horizons (dolomitic limestones of the Kareem and Thebes) previously announced in the press release of December 22, 2002. Modeling of the oil zones using either a light or heavy oil model indicates that oil is trapped in the porous dolomites. The electric logs also indicate that the carbonate reservoirs are extensively fractured.
These fractures are the cause of the loss of circulation and the major losses of water to the formation experienced while drilling. Such fractures will enhance the porosity and permeability of the carbonate reservoirs. However, the single porosity log, which was able to be run in the well (sonic log), only measures the matrix porosity and thus the resulting porosity determinations of 10% and 12% are probably too conservative. More porosity through fracturing could lead to more potential oil in the structures.
The two drill stem tests, which were carried out over the Kareem and Thebes zones only, recovered water from the drilling fluids, which were lost to the formation. No formation fluids were recovered during the tests, which were limited to one day for each of the intervals tested. Thus, the tests were not indicative of the reservoir's ability to flow oil or not because reservoir fluids were not produced, rather only fluids introduced during the drilling process.
Dover Petroleum is in further discussions with Schlumberger to extend their independent evaluation to include the results of testing, analyses of the fluids produced on the tests and to integrate these with the drilling history and the log results in a comprehensive study. The aim of this additional work is to derive a better understanding of the potential of the two carbonate reservoirs to ultimately produce economic oil or not and to plan a step-out well (EWA-3X) to confirm the significant oil indications observed in the EWA-2X well within the Kareem and Thebes dolomitic limestone reservoirs. The results of this further study will be released upon the completion of report.
This well will be deepened to test the lower Matullah and Nubia sandstone reservoirs, which are very important producers in the Gulf of Suez and were a primary target untested in the first EWA-2X well.
Dover Petroleum Corp.'s wholly owned subsidiary, Dover Petroleum Egypt I Inc., has a 56.25% interest in Dover Egypt I Joint Venture, which is a party to an Option Agreement entitling that joint venture to acquire 100% of the Operator's interest in the East Wadi Araba Concession Agreement.
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