Eni announces a new gas discovery in the Nour prospect, Offshore Egypt

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Eni announces a new gas discovery under evaluation in the Nour exploration prospect located in the Nour North Sinai Concession, in the Eastern Egyptian Mediterranean, about 50 km North of the Sinai peninsula. The Nour-1 New Field Wildcat (NFW), which has led to the discovery, was drilled by the Scarabeo-9 semi-sub in a water depth of 295 meters and reached a total depth of 5,914 meters. Nour-1 well found 33 meters of gross sandstone pay with good petrophysical properties and an estimated gas column of 90 meters in the Tineh formation of Oligocene age. The well has not been tested, however an intense and accurate data acquisition has been carried out. In the concession, which is in participation with Egyptian Natural Gas Holding Company (EGAS), Eni is the operator with a 40% stake, BP holds a 25% stake, Mubadala Petroleum a 20% stake while Tharwa Petroleum Company a 15% stake of the contractor’s share. The JV Operator will start the feasibility studies to accelerate the exploitation of these new resources leveraging the synergies with existing facilities and infrastructures, after finalizing the discovery evaluation. 2 Eni in Egypt operates through its subsidiary Ieoc since 1954. The company is the country’s leading producer with equity above 340,000 barrels of oil equivalent per day that will further growth in 2019 with the ramp up of the Zohr Project to production plateau.