RWE Dea to Acquire a 40% Stake in the West Wadi El Rayan Concession

RWE Dea has agreed to farm into 40% of the Edison operated West Wadi El Rayan concession in Egypt's Western Desert.

The West Wadi El Rayan block covers an area of 1,287 square kilometers and is located in the Western Desert, approximately 140 km south west of Cairo and 70 km south west of the Qarun oilfield. A pipeline taking oil from the recently discovered Karama oilfield to the Qarun field runs through the West Wadi El Rayan block providing good access to infrastructure.

Six wells are planned over the next seven years as part of the three phase exploration project. Two wells have to be drilled during each phase, with the first phase scheduled to last three years. The remaining two phases will last two years each.

Hans-Hermann Andreae, General Manager of RWE Dea's Egypt Branch, commented: "Through agreeing to farm into the West Wadi El Rayan concession, RWE Dea has substantially strengthened its growing Egyptian portfolio. A stronger RWE Dea presence in the promising Western Desert area will open up additional exploration opportunities. We look forward to working with our new partner Edison and expect the first well to be drilled even this year".