US independent makes significant oil find in Egypt

CAIRO, August 15, 2023 – IPR Energy Group has made a significant oil discovery at the onshore North Beni Suef concession in Egypt, the Texas-based E&P company announced on Monday.

The company drilled the NBS-1X well to depths of 2,500 metres with a 1,500-hp rig and encountered multiple pay zones in the Abu Roash G formation with test rates as high as 1,120 bopd.

Well production stabilised at 470 bopd with a 1.27-cm choke.

The well is being closely monitored and evaluated for development.

The company is currently conducting 3D-seismic studies of the North Beni Suef block.

A second exploration well is planned on the concession in Q3 2023.

“We have already opened a dialogue with the Egyptian General Petroleum Corporation and the Ministry of Petroleum to monetise our new discovery through an early production facility and move rapidly to develop the asset,” said Mahmoud Khalil Dabbous, chairman and CEO of IPR Energy Group.

IPR Energy currently owns shares in 10 concessions in Egypt.

The company’s 2023 operational campaign includes drilling 18 wells and 32 workovers and recompletions utilising four rigs and three workover units.

Read our latest insights on: