Cheiron, is pleased to announce that it has recently sanctioned the West El Burullus (“WEB”) offshore gas field development in the shallow waters of the Mediterranean Sea. Cheiron operates and holds a 100% working interest in the WEB Concession and the project will be executed through Cheiron’s PetroWeb Joint Venture company.

The development comprises two gas fields, namely, WEB and the nearby Papyrus field, and will involve the installation of two new platforms and the drilling of 6 wells and the recompletion of one existing well. The produced gas will be exported via a new 14 inch, 35 kilometer pipeline tied back to the West Delta Deep Marine gas reception plant located on the Mediterranean coast close to Alexandria.

The fields are expected to produce at a plateau rate of 150 mmcfpd and have independently audited 2P reserves of circa 240 billion cubic feet of gas equivalent.