Dover Petroleum’s offshore drilling on the first well target in the Gulf of Suez is progressing in accordance with current schedules at a cost which is currently under the amounts currently budgeted therefore.
As of December 15, drilling was at a depth of approximately 3,825 feet below surface. Stratographic horizons appear to have been identified at higher levels than projected, leading to the conclusion that the domed structure is old and likely existed as a trap for oil during the main oil migration.
The drill is nearing the Matulla Sands target horizon, expected to be at 4,250 feet which, in other parts of the Gulf of Suez, has been a primary source of oil production. Dover cannot be sure that such other results are indicative of the results that the current drilling program will achieve.
Under the East Wadi Araba Concession Agreement, Dover Petroleum’s wholly owned subsidiary, Dover Petroleum Egypt I participates by virtue of its 56.25 percent interest in Dover Egypt I Joint Venture, which is a party to an option agreement entitling the subsidiary to acquire 100 percent of Dover Investments Limited operator's interest in the East Wadi Araba concession agreement.
— (menareport.com)
© 2002 Mena Report (www.menareport.com)
