Energean has met success at the Abu Qir infill well drilling campaign in Egypt, encountering around 270 feet of net pay across the BKES-1 formation and Abu Madi formations, around two times initial expectations.

The company announced that preliminary analysis indicates gas-initially-in-place (“GIIP”) volumes of approximately 87-129 Bcf1 based on the P90 to P10 range. The well also encountered a possible liquids column of around 55 feet of net pay that requires further analysis.

The well was drilled from the existing North Abu Qir PII platform. First production is expected in Q3 2024.

“We are pleased to announce success at our Abu Qir infill drilling campaign in Egypt, where we have discovered 270 ft of net pay, which is around two times initial expectations,” Mathios Rigas, Chief Executive Officer of Energean, commented.

The new wells brought online in Egypt in the Abu Qir, NEA and NI concessions continue to perform above expectations.

Production from Egypt during the first three months of 2024 recorded 32,000 barrels of oil equivalent per day (boe/d), compared to 25,000 boe/d during the same period of 2023, increasing by 28%.

“In Egypt, we look forward to the start-up of the new well; in Greece, the carbon storage permit application will be submitted at the end of June and; in Israel, we will start the supply to our new gas contracts signed earlier this year,” Rigas noted.