EXPLORATION

Oil Search JV gets Egyptian reward

OIL Search says in conjunction with Melrose Resources and Hellenic Petroleum SA, it is the succes...

Oil Search JV gets Egyptian reward

The Australian oil and gas producer yesterday said its initial work commitment on the block would include the acquisition of 1000km of 2D seismic data and the drilling of one exploration well.

Managing director Peter Botten said he was “delighted” Oil Search had been awarded an interest in the concession, which is a large frontier block onshore Egypt covering the unexplored Mesaha Basin.

“The block offers high reward potential via new play concepts thought to be analogous to proven productive basins in Libya and interior Sudan,” he said.

“It complements Oil Search’s existing portfolio of low risk, conventional Gulf of Suez and Western Desert exploration and production acreage.”

Joint venture interests in the Mesaha Concession are Oil Search 30%, operator Melrose Resources 40% and Hellenic Petroleum 30%.

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