ENAP's international subsidiary has second oil discovery in Egypt

Technical evaluation carried out by the company in the Ferdaus 1 well has confirmed the presence of oil. Chile’s National Oil Company (ENAP) through its international subsidiary, Sipetrol International S.A. has made another oil discovery in the North Bahariya Concession in Egypt. This follows the Ganna oil discovery announced last year.

The Ferdaus 1 exploratory well was successfully cored, logged and tested. Two intervals in the Upper Cretaceous Abu Roash Formation tested 43, 45 degree API oil at rates of 940 and 2300 barrels per day respectively, at depths ranging from 8750 to 8600 feet.

"We are very pleased with our exploration programme in Egypt. This result will allow us to start production during this year and consolidate our exploration strategy in Egypt. Sipetrol is one of the two Latin American E&P companies to have successfully expanded its activities in the MENA region, proving that the decision made by our technical and managerial teams was correct", Daniel Fernjndez, ENAP’s CEO, said.

"During the coming weeks we expect to present to the Egyptian General Petroleum Corporation (EGPC) our technical and economic proposal for the development of these discoveries", Manuel Sjnchez, ENAP’s E&P Manager, said.

The North Bahariya Block is located in the Western Desert in Egypt. This block is being explored by the consortium formed by Sipetrol International S.A, which is the operator with a 50% interest; the American company IPR Transoil Corporation, which has a 30% interest; and the Croatian company INA Naftaplin, which has a 20% interest.