IPR Transoil Drills Fourth Consecutive Discovery in Egypt

IPR Transoil Corp. (IPRTOC), a subsidiary of U.S. independent IPR Inc., has successfully drilled and completed the Alamein-32 infill development well in the Alamein field of the Western Desert of Egypt. The well was recently drilled in the southeast portion of the field to a total depth of 6,700 ft and encountered oil pay in four Cretaceous reservoir horizons, the Abu Roash G Dolomite, the Upper Bahariya sands, the Basal Bahariya sands, and the Razzak sands. The well has been dual completed in the Razzak and Upper Bahariya sands. The A/R G Dolomite and Lower Bahariya reservoirs will be left for future testing and production. Alamein-32 is currently producing from a new reservoir horizon, the Upper Bahariya sands, as well as the Razzak, for a combined rate of 602 BOPD. The corresponding API gravity for the two producing zones is 40 degree and 35 degree, respectively.

Two additional Alamein field development wells are planned as a result of a reservoir simulation study carried out by IPR for its operating company (WEPCO). The two wells will be drilled in the second quarter of 2004. IPRTOC and its joint venture partner EGPC (the Egyptian State Oil Co.), look forward to further expansion of the Alamein, Yidma, and Tarfa fields.