Dover Petroleum completes second well in Egypt
Dover Petroleum has completed its second EWA-1X well drilled in Egypt to a total depth of 5,000 feet after having entered 800 feet into the Nubia sandstone target. Schlumberger also completed the final electric logging on EWA-1X.
Results of the previous electric logging run from surface to 1,000 feet, logged an oil column totaling 100 feet in thickness that were most likely heavy oil that is immoveable and not commercial.
The second electric logging over the 1,000-5,000 feet depth range yielded insignificant amounts of hydrocarbons. Thus EWA-1X is unlikely to have commercial oil reserves. EWA-1X is located in the northern corner of the area covered by the East Wadi Araba Concession in the Gulf of Suez.
Schlumberger has verified that the promising electric logging results for its first well target (EWA-2X) are accurate. In particular, the company and its consultants have concluded that EWA-2X's logging which indicated two oil columns totaling a minimum of 169 feet in thickness is accurate.
The Company's partner Egyptian General Petroleum Corporation, like Dover Petroleum, is encouraged by the electric logging results at EWA-2X and has offered the company priority to obtain another drill slot to go back to the EWA-2X site and drill a step-out exploration well by July 2003.
If this follow-up well (EWA-3X) proves commercial hydrocarbons, then Dover can re-enter the original EWA-2X well with a view to completing it as a potential producer after remedial work on the Kareem/Thebes reservoirs. Having the two wells at the same surface location means that they can be hooked up to the same production platform during any subsequent development of the field.
Dover Petroleum Corp.'s wholly owned subsidiary, Dover Petroleum Egypt has a 56.25 percent interest in Dover Egypt I Joint Venture, which is a party to an Option Agreement entitling that joint venture to acquire 100 percent of the Operator's interest in the East Wadi Araba Concession Agreement. — (menareport.com)
© 2003 Mena Report (www.menareport.com)