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Tuesday, December 24, 2013
In Egypt IPR saw a new discovery on its Alamein Concession. The discovery well encountered both gas and condensate at a depth of 12,000 ft. The company pursued a new play concept for several years targeting the untapped Alam El-Bueib (AEB) formation in the Yidma-11X well.
The well tested 14.3 Mmcf/d of gas and 1,000 bpd condensate of 53˚ API gravity with no water produced. This primary target of the AEB was discovered by IPR after subsurface imaging of high quality 3D seismic revealed bright spots in this region of the Alamein Ridge.
While no gas has been found in this formation in this region of the Western Desert, it appears that commercial quantities of very rich gas exist. IPR and its technical experts are remapping what could prove to be a much larger structure of gas and condensate.
The Alamein Concession is located in Egypt’s Western Desert and IPR is the operator.
Dr. Mahmoud K. Dabbous, chairman of the IPR Group, stated “finding high quality onshore gas in the Western Desert was very rewarding; especially knowing the country of Egypt’s critical need for energy – particularly for natural gas for power generation and gas condensates for domestic consumption – is a top priority at the present time. Our technical team of E&P experts will continue to aggressively develop this discovery for the benefit of the country with the IPR Group’s longstanding history as a technology leader and an active investor in the Energy Sector, in addition to monetizing the upside for the shareholders.”
IPR plans to invest in 57 wells in Egypt over 2014 as a part of its aggressive growth plan in the MENA region.
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