Cheiron Makes One of the Most Promising Discoveries in the Geisum Area

In mid 2019, Cheiron, through the Petrogulf Joint Operating Company, made an encouraging exploration discovery in the Nukhul formation north west of the main Geisum field. This is the first time that the Nukhul sand has been found to be hydrocarbon bearing in the Geisum and Tawila West Concession area (the “Concession”).
Petrogulf (an Operating Company of EGPC, Cheiron and Kufpec) is currently drilling the first of three appraisal wells that will allow the partners to delineate the discovery and appraise its reserve volumes.

The Concession (104 Km2) is located at the southern entrance of the Gulf of Suez and covers the North Geisum, South Geisum, Northeast Geisum and Tawila West fields. The site, which includes 87 wells, six offshore platforms, five production pipelines and an onshore storage facility, forms the center of Cheiron’s production and storage hub. Production from the Concession currently averages 4,900 bopd.