IPR Makes Significant Discovery in Egypt's Western Desert

IPR, a USA Texas Independent, has made a significant new pool discovery in a frontier area of the Western Desert of Egypt, known as the North Bahariya Concession, as reported through its operator Norpetco. IPR was awarded the North Bahariya Concession in 1998 through EGPC's International Bid Round.

The new pool was discovered in the Ferdaus-2X well which was drilled to a total depth of 9,350 ft to the Cretaceous. Oil and gas shows were encountered in two different Cretaceous reservoir zones, namely the Abu Roash and Bahariya. These zones were later confirmed to be oil bearing by E-Logs, MDT, and CPI analysis. After testing and fracing one zone in the Abu Roash, the well was completed producing 1,400 BOPD of 41°API from 23 ft of perforations.

IPR and its partners (Sipetrol-Chileans and INA-Croatians) have already put Ferdaus-2 on production within the production license that includes Ferdaus-1, Ganna-1, Abrar-1 and Rawda-1. The North Bahariya partnership, through the operating JV Norpetco, is continuing to conduct an aggressive exploration and development drilling campaign in the Western Desert, with Ferdaus-5X and Sidra -1X currently drilling, and two additional locations to follow. The success of Ferdaus-2X continues to increase IPR's growing production position in Egypt.