Burren Wins Two Egyptian Exploration Blocks
Burren is the successful bidder for two exploration blocks in the 2004 Bid Rounds organized by the government-owned Egyptian General Petroleum Corporation ('EGPC') and Ganoub El-Wadi Holding Petroleum Company ('GANOPE').
In the EGPC Bid Round, Burren has successfully bid for Block 1, North Lagia, an onshore area in the northern Gulf of Suez basin totaling 1,457 km2. North Lagia surrounds three existing producing license areas operated by the government-owned General Petroleum Company (Asl, Ras Sudr and Ras Matarma).
In the GANOPE Bid Round, Burren is the successful bidder for Block 2, known as North Hurghada Marine. The offshore area covers 242 km2 in a shallow water area in the southern Gulf of Suez and lies along the same trend as Zeit Bay, and Geisum - two well known oil production areas. To the immediate southeast of North Hurghada Marine block lies the significant Seabird gas and oil field.
The two exploration blocks will increase Burren's presence in Egypt. Last year, the Egyptian parliament approved the award to Burren of the East Kanayis Block and following signature of the PSC in September, exploration activity has commenced with drilling planned for mid 2005. Burren will have a 100% working interest in all three blocks.
Finian O'Sullivan, Chief Executive of Burren, commented:
'We are delighted to have been successful in the bidding for these blocks, both
of which are located near to fields which are already on production. These
assets significantly increase our exploration portfolio in Egypt and we continue
to investigate further opportunities in this region.'
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