With continued production, the field development lease can be extended through to 2021.
The company has identified conventional oil-bearing reservoirs where the application of unconventional drilling and completion technologies may contribute to increasing the productivity of the producing reservoirs and the overall value of this asset.
East West Petroleum president and CEO Greg Renwick said that this acquisition marks the company’s entry into Egypt.
Near-term investments will be directed towards appraising the lateral extent of multiple productive zones, development drilling and recompletions to increase oil production, the company said.
East West Petroleum is an exploration and production company focused on conventional and unconventional petroleum resources.
