PICO GoS Limited, a Cheiron Group company, has achieved the first oil production from its appraisal well GNN-4 in the Geisum Concession in Egypt’s Gulf of Suez.
The Geisum Concession is located offshore Egypt in the Southern Gulf of Suez in shallow waters with a depth ranging from 30 to 200 feet, covering an area of approximately 105 sq. km.
KUFPEC Egypt holds a 40 per cent working interest under the Production Sharing Contract with the operator PICO GoS Limited holding the other 60 per cent working interest.
KUFPEC said on Thursday that the GNN-4 is the first appraisal well in the ongoing early production and reservoir appraisal drilling program for the GNN Nukhul oil discovery.
The reservoir was discovered in July 2019 by the GNN-3 exploration well which successfully encountered almost 500 feet of good quality net oil pay in the Nukhul formation, and with an estimated 260 MM barrels of oil in place.
The well was successfully completed and tested at initial rates of over 2,000 BOPD.