Neptune Energy Awarded Oil Exploration Licence in Egypt

Neptune Energy has today been awarded an operated oil exploration licence in the North West El Amal offshore concession in Egypt by the Egyptian General Petroleum Corporation.

The concession (originally offered as Block 4) covers 365 km2 and is located in the central part of Gulf of Suez. The block lies approximately 26 mi (42 km) south from Ras Gharib and 65 mi (105 km) north to Hurghada.

In the first phase, the program will include acquiring 100 km2 of 3D seismic and drilling one exploration well. The second phase will see two wells drilled.

Gamal Kassem, Neptune Energy’s country director for Egypt, said: “I am delighted that we have been awarded this operated offshore block. We are committed to growing our business in Egypt and see this award is an important first step”.

Source: www.worldoil.com