GPC, the production arm of Egyptian state firm EGPC, this week announced a mini bid round for two small blocks of well-worked acreage on the Eastern Desert bank of the Gulf of Suez.
The 20km² ‘G’ Block abuts TransGlobe’s 6,000 b/d West Bakr concession and contains the depleted Zaina field. Former operator Madison Petrogas (taken over by SDX Energy in 2015) in an October 2013 presentation said the block was “available for farmout… [a] large opportunity if commercial [production] rates can be established” at the Zaina field. Zaina drilling had shown 299ft of net oil pay in the Thebes Limestone, with seismic indicating “deep Cretaceous potential,” the presentation says. (CONTINUED - 396 WORDS)
