IPR Energy Red Sea has made its second oil discovery in the highly prospective North Ramadan Concession located in the Gulf of Suez, Egypt. The discovery well, NR-2, is located on a separate fault block north of IPR's first oil discovery, NR-1A ST1, which produced approximately 3,000 BOPD and 1.5 MMscf/D during the testing phase.
NR-2 was drilled to total depth of 11,700 ft MD in the Lower Miocene Mheiherrat formation using the Ocean Heritage jackup. A total of 113 ft over a gross interval of 286 ft of interbedded sandstones, shales and limestones in the Asl formation were perforated. Tests of the reservoir produced up to 800 BOPD (34 degrees API gravity) and 0.50 MMscf/D on natural flow with no water. Pressure transient analysis indicated that stimulation of NR-2 will likely increase well productivity significantly. Stimulation programs will be carried out to test the most effective techniques for this formation. IPR's adjacent offshore platform and facilities infrastructure, North July, will provide an attractive option for expedited development for the NR-1A ST1 and NR-2 discoveries. Production rates from the first phase of development in this one lease within the Concession area are forecasted at 5,000 bbl/d of light (34 degrees API) crude and 3.0 MMscf/D of sweet gas.
The North Ramadan concession is 290 sq. km in size and is surrounded by some of Egypt's most prolific producing oil fields in the Gulf of Suez. Total potential resources in the block are estimated to exceed 200 MMBO. IPR and partner, ONGC Videsh of India, are in the first phase of exploration in North Ramadan and have one remaining exploratory well to drill, North Ramadan-3 (NR-3), which is presently rigging up. The partnership has already acquired 205 sq. km of 3D seismic during Phase I and has identified several key prospects that will be pursued in subsequent exploration phases. The joint venture has successfully built a cost recovery pool in excess of $50 MM during Phase I that will be parlayed into future development scenarios.
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