Petroleum Africa
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Monday, January 26, 2015
Petroceltic International issued an overview of its activities in Egypt over 2014. The company saw the ratification process for the award of the ElQa’a Plain, North Thekah, and South Idku exploration blocks was concluded, increasing its acreage position in Egypt by over 300%. In September, the company saw the award of the North Port Fouad exploration block, immediately adjacent to North Thekah and this award has recently been formally ratified.
On a combined basis, these licenses represent a material renewal of Petroceltic’s exploration inventory in Egypt and confirm the company’s long term commitment to investment in the country. The planned exploration expenditures in 2015 include seismic data acquisition on the El Qa’a Plain, North Thekah and South Idku blocks and tenders to carry out these works are currently being evaluated.
Over 2014 the company invested $38 million in Egypt over a range of development and exploration activities. In 2015, the work program includes four new infill production wells in the West Khilala and West Dikirnis fields and minor facilities investments aimed at infrastructure rationalization and hence the reduction of long term operating costs. The company also plans to convert three additional wells in the West Dikirnis field to gas injection to maximize hydrocarbon liquids recoveries.
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