RWE Dea Awarded New Exploration Concession in Egypt
RWE Dea has been awarded a new onshore concession named Tanta with a 100% working interest located partly in the prolific Nile Delta area.
The block was offered in the Egyptian Gas Holding Company (EGAS) 2006 International Bid Round. The award is subject to necessary procedures and approval of the Egyptian authorities.
The Tanta Concession is located partly in the western central part of the Nile Delta and extends to the outskirts of the Western Desert. The block covers approximately 3,300 square kilometers. The exploration block is considered to have potential for both oil and gas discoveries. To the North the Tanta block is adjacent to the RWE Dea Disouq concession where the exploration well Tayifah-1X drilled by RWE Dea already tested successfully oil from the Qantara formation.
The Tanta concession will as such represent a continuation of RWE Dea's strategy to pursue Nile Delta plays at onshore cost.
During the initial exploration period, RWE Dea is committed to drill at least two wells in addition to acquiring 3D seismic with minimum expenditures of US $18.9 million in the first three years.
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