UK’s Vega Petroleum Company conducted production tests on Gabal El Zeit area discovery EGZ-1X in the Gulf of Suez area in Egypt, through drilling 120ft out of the 212ft assigned in geological plan, reported The tests results yielded estimated production rates of 1000b/d of oil and 1mcf/d of gas. Preliminary reserves are estimated at 250mb of oil which are subject to increase, reported Egypt Independent.
Gabal El Zeit area lies 7km away from the nearest production facilities operated by Vega Petroleum in Ras El Esh field. Furthermore, the company expects production from the new wells to reach 3000b/d after perforation of all layers that contain crude oil, in addition to conducting necessary studies to facilitate early production, Al Borsa informed.
The promising results recently encouraged Vega Petroleum to resume its investment programs in its Egyptian areas. Accordingly, it plans to drill two more wells in Ras El Esh, and execute a detailed plan on the exploration and developmental drilling in east of Gabal El Zeit.
This was reported by Head of South of the Valley Holding Company, Sherif Sousa, to the Egypt Minister of Petroleum, Tarek El Molla covering the developments at the Gabal El Zeit well.