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New reservoir compartment in Geyad field, North West Gemsa, Eastern Desert, Egypt

Results from drilling operations conducted by the Joint Venture Company Petro Amir on its operated concession North West Gemsa proves up a new reservoir compartment in the Geyad field. The concession contains the two development leases Al Amir and Geyad and covers an area of over 260 sq km and is located approximately 300 km southeast of Cairo in a partially unexplored area of the Gulf of Suez Basin. The NW Gemsa Concession partners include: Vegas Oil and Gas (50% interest and operator); Circle Oil Plc (40% interest); and Sea Dragon Energy (10% interest).

Well Geyad-3, located to the south-east of the Geyad-1X ST in the Geyad Development Lease, was drilled to 5,635 ft MD in the Upper Rudeis. The main objective for this well was to appraise and bring into production the oil bearing Shagar and Rahmi sandstones of the Kareem Formation. The Shagar sands were encountered from 5,333 to 5,347 ft MD with 14 ft of net oil pay. Following initial testing on a 16/64” choke, the interval was then tested at a sustained rate of 4,388 bopd and 4.19 MMscf/d of gas on a 48/64” choke and completed for production. The underlying Rahmi sands were encountered but found to be of poor reservoir quality and were not tested. A secondary objective of the Belayim sands in Geyad 3 well was also encountered with an estimated 5ft of net pay but for operational reasons was not tested in this well.

This appraisal/development well proves up the SE extension of the field, adding greater confidence to reservoir delineation and reserves estimation. Geyad-3 is the latest well in a successful drilling campaign in the concession which is to be followed by the injector well Al Amir SE-8X in Al Amir SE and a westerly peripheral injector in Geyad later in 2011.