IPR Energy Group announces its third discovery of 2017 in Egypt

IPRTexas Independent IPR Energy Group (IPR) reports continued drilling success and a series of Western Desert and Nile Delta, Egypt, discoveries through the first five months of the year. IPR’s 2017 calendar year drilling program in Egypt budgeted 23 wells, making this one of the most active years operationally for IPR since its 1993 acquisition of the Phillips Petroleum Western Desert assets.

The work program includes onshore exploration, appraisal and development drilling, and workovers offshore in the Gulf of Suez, all expected to ramp up production and to increase reserves. IPR’s ten (10) licenses of operated and non-operated concessions cover a vast territory of prospective acreage 25,000 sq. km (6.2 million acres), in some of Egypt’s most prolific hydrocarbon systems.

Chairman of U.S. company IPR Dr. Mahmoud Dabous said that IPR’s North Ras Qattara Concession, Western Desert, saw success from NRQ-11X and appraisal well NRQ-9-2 which tested 715 BOPD and 3,700 BOPD, respectively. Both discoveries were from the Abu Roash “G” formation (ARG) in separate structures, drilled under budget and immediately put on production. After choking back the discovery wells, production in the lease increased about 60% to 4,100 BOPD, proving greater upside than initially modeled. The encouraging outcome of the first quarter results have prompted expanded drilling plans in the near term, along with eventual monetizing of the deep Jurassic gas condensate discoveries in NRQ-3151 and NRQ-8X.

In the Nile Delta’s South Disouq Concession, where IPR holds 45% working interest, the exploration discovery of the Phase I commitment well, SD-1X, was drilled to a depth of 11,068 ft. The gas/condensate discovery in the Abu Madi formation (7,100 ft) tested 25.8 MMcf/D and 43 bbl of condensate on a 48/64 in. choke. With strong fiscal terms, a market eager for gas, a proven play concept with a significant discovery and other highly prospective structures yet to be drilled, this license is a strong target for accelerated exploration and fast-track development. IPR plans to drill in all 4 regions of its portfolio over the next 12 months, which includes the Western Desert, Nile Delta, Gulf of Suez, and Eastern Desert Nile Valley. IPR anticipates that these programs will significantly increase production and reserves to continue the trend of high Reserve Replacement Ratios (RRR) seen in 2015 and 2016 when the industry saw one of its largest downturns. The Group’s gross production from Egypt and Pakistan surpassed 22,000 boepd.

IPR Energy Group is an independent group of international E&P and oilfield and technology services companies based in Irving, TX, USA, operating worldwide since 1981. IPR’s current E&P portfolio is predominantly focused on Egypt, with gas production in Pakistan and mineral rights partnerships in the Permian Basin, Texas.

(Source: Daily Oil News)

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