Teikoku Oil Wins Two Exploration Blocks in Egypt
Teikoku Oil Co., Ltd. has been awarded two exploration blocks in Egypt.
The South October Block which covers and area of 446 square kilometers is located in the middle part of Gulf of Suez approximately 250 kilometers south east of Cairo. Partners in the Block are Devon Energy with 65% and Teikoku with 35%. Requirements on the block include drilling two exploratory wells and acquiring 270 square kilometers of seismic data. An initial investment of US $17 million over the initial three year period is planned.
The North Qarun Block which covers 4,901 square kilometers is located in the Western Desert. Partners in the Block are Devon with 50%; Santos with 25% and Teikoku with 25%. Requirements on the block include drilling two exploratory wells and acquisition of 550 kilometers of 2D seismic data. An initial investment of US $5 million over the initial 3 - 5 year exploration period is planned.
Teikoku plans to establish two wholly owned subsidiaries and transfer all of its p-articipating interest to such companies.
Teikoku has been conducting production operations in West Bakr Block (45.2km2) as Operator since 1975 through its affiliate, The Egyptian Petroleum Development Co., Ltd. and exploratory operation with Devon and Santos in the South East July Block located southeast of the West Bakr Block, trying to bring greater synergies effect in Egypt. In addition, the company is consistently pursuing further successful operations in the priority regions of North Africa, by activating operations in Egypt, the forefront of its business development.
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