Cheiron is pleased to announce that it has acquired a 40% working interest in the East Damanhur Concession (the “Concession”) from Wintershall Dea, which will continue to operate the Concession, and INA-Industrija nafte, d.d. has acquired the remaining 20%.

The Concession is located in the western region of the onshore Nile Delta, close to Cheiron’s West El Burullus offshore development lease in the shallow waters of the Mediterranean Sea. The acreage is relatively underexplored and has a material level of prospective gas resources and a high chance of exploration success due to the presence of direct hydrocarbon indicators on the seismic data.

The partnership expects to commence an exploration drilling campaign on the Concession in 2021, with the first three wells of the work program.

Subsequently, in the event of exploration success, any new discoveries could be developed rapidly and cost effectively through the nearby Disouq production facilities, which are also operated by Wintershall Dea.

David Thomas, Cheiron’s Chief Executive Officer, commented: “We are pleased to join Wintershall Dea and INA-Industrija nafte, d.d. in this promising new venture in region of the Nile Delta where Cheiron is seeking to establish a core business area. We are also looking forward to working with our new partners and will be ready to contribute to the joint venture by sharing our technical expertise, particularly with respect to seismic attribute analysis techniques developed evaluating the West El Burullus and Papyrus discoveries.”