PICO Cheiron Successfully Drills Am 18 Sidetrack Well at its Amal Field

As part of the Group’s strive to continuously grow its working interest production, in March 2016 PICO Cheiron successfully drilled the Am 18 sidetrack well targeting the Rudeis reservoir in the Amal concession. The well results were successful with an initial flow rate of 7 MMscf/day of gas and 400 bbls/day of condensate and expected additional reserves of 6 BCF.