IPRTOC Strikes Oil with the Ganna 1X Well in Egypt

IPR Transoil Corporation, a member of the U. S.-based IPR Group of Companies, has recently made an oil discovery and has tested its Ganna-1X exploration well, located in the southeast region of the North Bahariya concession, Western Desert, Egypt. Three sands were tested in the Cretaceous: Abu Roash "C", Lower and Middle Abu Roash "G", recovering 36-39 degree API oil at rates of 800, 200, and 600 STBOPD, respectively. The perforated intervals ranged from 6,492 to 6,501 to 7,374 to 7,629 feet. This significant new hydrocarbon discovery will extend IPRTOC's exploration and development drilling in the block in consortium with its partners Sipetrol International S.A (Chilean), Operator of the Concession, and INA Naftaplin (Croatian). Several similar and larger structures have been identified in the immediate and northern areas of the concession, in which the joint venture will further drill within the next 3 months.