Mr. Miguel Angel Vargas, the General Manager of the Chilean state-owned Sipetrol International S.A., Egypt Branch, announced a new achievement in East Ras Qattara Concession in the Western Desert, with a new production record exceeding 17,000 BOPD from the last drilled Development Well Shahd-3 with an added production rate of 4,300 BOPD during April 2013.  He added that that the daily production rates are expected to hit new a record by the end of Q2-2013, thus exceeding 20,000 BOPD, as a result of the successful implementation of the current drilling plan.

Eng. Sayed Rezk, Sipetrol Operations Manager and the Managing Director of the JV Petroshahd, added that this increase is attributed to the implementation of the intensive development plans in the company’s wells, in addition to the continuous efforts to improve the wells production performance and enhance reserves.  Mr. Rezk added that these successes are the result of fruitful cooperation between Sipetrol and its partners Kuwuait Energy Egypt and EGPC through its joint operating company Petroshahd.