KUWAIT CITY, Aug 22: Kuwait Foreign Petroleum Exploration Company, K.S.C.C. (KUFPEC) is pleased to announce that its wholly owned subsidiary, KUFPEC Egypt Limited (KUFPEC Egypt), has made a new oil discovery in the Geisum and Tawila West Concession in the Gulf of Suez, Egypt. KUFPEC CEO Mohammad Salem Al-Haimer stated “the discovery was made through the GNN-11 exploration well which was drilled into a fault block to the east of the GNN oil field development. The well encountered 165 feet of good quality vertical net pay in the Nubia formation, and this is the first time the Nubia has been found to be oil bearing in the GNN area of the Concession”.

The producing reservoir is in the main GNN field and is located in the Nukhul formation. The well was drilled by the recently installed GNN Early Production Facilities and has been successfully placed on production at a rate of over 2,500 BOPD. As a result of the new well, and the successful drilling campaign conducted to date in the field, the gross oil production from the Concession has reached 23,000 BOPD, compared to 4,000 BOPD before the GNN field was developed. GNN-11 is the fourth well to be completed by the Early Production Facilities which have been installed in the central area of the field, including a conductor support platform, a mobile offshore production unit and a 10-inch oil export pipeline, tied back to the existing Geisum Star production complex.

Further, there are 3 remaining well slots on the platform, which will be used to complete the current phase of the exploration and development drilling program. Cheiron (through its PICO GOS affiliate) holds a 60% working interest and operatorship of the Concession, with KUFPEC holding the remaining 40% interest. The field activities are run by the PetroGulf Misr Joint Operating Company. The GNN field was discovered by the JV partners in 2019. The discovery came after the implementation of an extensive, multiyear exploration and development campaign by the JV parties and demonstrated the significant remaining exploration potential of the region, despite the Gulf of Suez being a relatively mature hydrocarbon province. KUFPEC is an international upstream company engaged in exploration, development and production of crude oil and natural gas outside the State of Kuwait and is a wholly-owned subsidiary of Kuwait Petroleum Corporation.