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Khalda Gets Gas In Matruh

KALDA HAS COMPLETEDA GAS ZONE IN new field wildcat Flanders 1, located in the Matruh development lease in the North Egypt Basin, Western Desert. The reservoir is in the Lower Safa member of the Alam El Bueib formation. The total depth of the well was 4,487metres and the rig was EDC rig 51.


Kenya Plans Bid Round

Kenya’s plans to offer E&P rights seem to be evolving with 20 blocks now reportedly earmarked for a 2008 effort. It appears that the Anza Basin is out of bounds as already mostly licenced to Camec (Block 11), Lundin (Block 10A), and Vangold (Block 3A). The available acreage would be in the Lamu, Mandera, and/or Tertiary Rift basins.  Last year seven available offshore blocks were identified as L- 13 (2,906 sq km, partly offshore), L-15 (2,331 sq km, shallow water), L10A (4,962 sq km), L-10B (5,585 sq km), L-1 lA (5,009 sq km), L-1lB (4,963 sq km), L-12 (4,982 sq km), all in the deepwater Lamu Basin.


Frazimex Needs A Farminee In Sierra Leone

SIERRA LEONE

Frazimex, the Nigerian minnow, is seeking partners to share exploration in the 3,860 sq km offshore block SL-3,  off W-central SL. The contract is nearing the end of its first three-year term which called for 1,200km of 2D seismic and 300 sq km of 3D seismic. Phases 2&3 (2 years each) require an exploratory well, and further seismic is planned. Contact emekobi@frazimex.com.

 


DualEx Has Its Way In The Pelagian

TUNISIA

Tunisian authorities have approved DualEx’s application for exclusive rights to the 416-sq km undrilled Bouhajia block, onshore Pelagian Basin. The block was awarded under PSC terms. DualEx is expected to collect 100km of2D seismic data in two years, and should drill one well in the ensuing two years. The final award is subject to finalisation of detailed terms and government ratification. The area was formerly part of Kufpec’s reduced Kairouan Nord block and lies west of the Sidi El Kilani oilfield.


Lundin Confirms Nya-1 As A Duster

LUNDIN HAS CONFIRMED that Nya- 1, drilled in Sudan’s Block 58, was a duster. The well was drilled on dry land in the Muglad Basin block., “No oil shows were recorded”, Lundin said in a press release, which added that the well did encounter “minor gas shows” and all the samples and data from the drilling will be “analyzed and studied in further detail.”


Circle Oil Farms In to Vegas’ Lease

EGYPT

Circle Oil Egypt Ltd (COEL) has signed a farm-in agreement covering the exploration and exploitation of hydrocarbons with Vegas Oil and Gas SA for the NW Gemsa Block in Egypt. Circle Oil will hold a 40% interest, with operator Vegas having a 50% interest and Premier Oil retaining 10%. The 400 sq km NW Gemsa concession, lies about 300 km southeast of Cairo in a partially unexplored part of the Gulf of Suez Basin. It includes the April 2005 discovery Al Amir-1, which flowed 787 BOPD on test. The concession agreement has recently entered its second phase of three years and is valid for a further two and a half years. It has the right of conversion to a production license of 20 years, plus extensions, in the event of commercial discoveries. As part of the agreement, subject to ratification by Egyptian General Petroleum Corporation (EGPC) and the Minister of Petroleum, Circle will contribute towards the cost of the Amir SE-1 exploration well which will target the Nubia Sandstone at a depth of 12,870 feet. The Nubia Sandstone is a well known producer within the Gulf of Suez Basin. The drilling rig contract is due to be concluded shortly and the well was scheduled to commence drilling in early February 2008. The structure is a partial dip and fault closure and has an operator estimated potential of 1 00MMBO in situ based on the present outlined closure area.


SUDAN Chinese Companies Swap Interests

Chinese companies in Sudan are buying oilfield assets from each other. Sinopec is looking to pick up CNPC’s 100% interest in Block 6 in the Muglad Basin, a deal not involving any financial transaction. Sinopec already held these rights in 2000 through its combination with erstwhile holder Zhonguyan but this was handed to CNPC as Sinopec went public.  Block 6 currently produces 60,000 BOPD.


China Drills Ahead In Cued Mya

EGYPT

CNPC IS APPRAISING DISCOVERIES IN Egypt’s Oued Mya Basin. The onshore-focused Chinese state hydrocarbon company was drilling Bou Khezana4 (BKZ) in El M’Zaid block 438b, Oued Mya basin, in early March 2008. The targets are Silurian and Devonian. The well was drilling ahead at 2,479m as of March 5, 2008.


Blood Money Fuels The African Economy

By Toyin Akinosho

THE VERYTOP OF THE LISTING ON THE Cairo and Alexandria Stock Exchange (CASE) is Orascom Telecommunications, 57% of which is owned by the Sawiris family. Next on the list is Orascom Construction, almost 70% owned by the same family. The third largest company on CASE, Africa’s second largest stock exchange, is another family owned company, which doesn’t have anything to do with the Sawiris. Abdel-Azziz Ezz is the chairman and managing director of both Alexandria National Iron and Steel(ANSDK), which is Number 3 on the CASE top 10 and Ezz Steel Rebars (Ezz Steel), which shows up on Number 9.

To understand how significant these four, family owned companies mean to the size of the Egyptian economy, we must understand this:

Egypt’s top 10 companies on the CASE make half the money on the exchange and if an exchange is a barometer of the health of an economy, then it means they simply dominate the economy. Whereas combined net profits for bt100-Egypt’s largest and most actively traded 100 stocks-grew to $2,457 billion in 2004 from $1,487 billion, the gulf between the top 10 and the rest of the list continued to widen.  With combined revenues of $8,980 billion in 2004, the top 10 accounted for 57.91% of bt100’s revenues, and their $1,381 billion in net profit was 56.19% of bt 100 profits.


ATLAS Finishes Shoot In Block J

EQ. GUINEA

A 90 DAY, 700 SQ KM 3D SEISMIC SHOOT ended in February 2008 in the 1,305-sq Bock J offshore Equatorial Guinea. The crew was BJP Pioneer SV.

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