SOUTHWEST GEBEL EL-ZEIT CONCESSION, GULF OF SUEZ, EGYPT
IPR Energy Suez, Inc. (IPR-ES), the Operator, has 44.625% Working Interest (WI) in the Southwest Gebel El-Zeit (SWGEZ) offshore field, which covers a 30 km2 area located at the extreme south of the Gulf of Suez (GOS). Devon Energy, Egypt was the previous operator before the acquisition by IPR-ES in January 2007. The Concession operates under Egypt’s Production Sharing Agreement (PSA). The SWGEZ-2 discovery well tested a combined daily production of 6,800 BOPD from the Lower Cretaceous Mutalla/Nubia sandstones. The field is being operated under the Joint Venture (JV) Operating Company, Hurgada Petroleum Company (PetroHurgada), which was formed in 2007. First oil production commenced in the 3RD Q 09 with the completion and installation of a 3-slot platform, offshore & onshore facilities which have been commissioned for start-up. Significant upside potential was discovered in the Lower Cretaceous Mutalla-Nubia sandstones based on the most current 3-D seismic interpretation and SWGEZ-2 well. The Nubia sandstone is the most prolific producing reservoir in the GOS and surrounding fields.