Rally Energy Outlines Egyptian Drilling Program
Rally Energy is planning to drill at least 34 wells on the Issaran field in Egypt over the next 12 months. Drilling is scheduled to commence by the end of April. The majority of the wells will be targeting the Nukhul formation. Average production per well of 250 barrels per day is expected for the development program.
It is Rally's intention to fund the Egyptian development program from cash flow and with project debt. Rally is currently reviewing project debt proposals for the drilling program.
During the fourth quarter of last year the company began a four-well development drilling program on the Issaran field with the goal of increasing production. Three wells, designated as No. 19, No. 20 and No. 22, have been drilled and completed and a fourth well, No. 21, is currently drilling.